Browns Investments buys into sugarcane bio-energy firm in Sierra Leone

A sub-subsidiary of Browns Investments PLC has entered into a deal to buy a bio-fuel producing sugarcane farm in the African state of Sierra Leone, which also has a renewable energy plant.

Browns Investments in a stock exchange filing said its offshore sub-subsidiary B Commodities ME incorporated in Sharjah, UAE, has acquired a 66.67 percent stake for US $ 30 million in Grey Reach Investment Limited, which is the holding company of Sunbird Bioenergy (SL) Limited, incorporated in Sierra Leone.

The filing said Grey Reach is an investment company and its only asset is its 75.1 percent investment in Sunbird Bioenergy (SL) Limited.

“Sunbird Bioenergy (SL) Limited holds 23,500 hectares of land for sugarcane plantation and factory with production capacity of 85 million litres of bio-fuel per annum,” the filing said.

“The company also operates a renewable energy power plant, which has a capacity of producing 32 MW of power. The above factory and renewable energy power plant together with its plantation and the mechanised irrigation system is one of the largest agricultural projects in the African continent,” the filing added.

Sunbird Bioenergy (SL) Limited is also one of the largest economic opportunity providers in the African region with over 5,000 employees.