October 4, 2016 By Ibrahim Tarawallie
AOG, an entrepreneurial investment group, has announced that it had transferred 75.1% ownership of Addax Bioenergy (SL) Limited, its sugarcane bioethanol and renewable electricity operation in Makeni, Sierra Leone, to Sunbird Bioenergy Africa limited.
According to a press release, the transfer would allow the energy company, with a portfolio of sustainable biofuel projects in Sub-Saharan Africa, to manage and run the operation in Makeni.
AOG takes a comprehensive approach to biofuel projects, which includes fair agricultural land leases, sustainable farming and feedstock production, world class biorefineries, as well as inclusive community development and improved livelihoods, it said in the statement.
The release stated further that AOG would be keeping a minority interest of 24.9% as a mark of its confidence in the future of the business, while Sunbird Bioenergy group would provide the additional financing to take the project to full commercial operation.
AOG founder and chairman, Jean Claude Gandur stated that the handing over was made by way of a capital injection by Sunbird Bioenergy group into Addax Bioenergy.
“We are pleased to have found a new majority owner who is passionate about bioenergy and who has a focus on sustainable energy solutions that integrate local communities,” he stated.
Sunbird Bioenergy’s Director, Richard Bennett, said they were looking forward to building on the achievements of Addax Bioenergy in Sierra Leone, and restarting commercial operations as soon as possible.
“This opportunity is a perfect fit with our philosophy and development strategy. The operation functions on the principles of sustainable biofuels, sustainable local community development and a reduction in carbon dioxide emissions, thereby contributing towards regional climate change goals. At Sunbird Bioenergy, we operate and champion these same principles,” he said
As part of its commitment to Sierra Leone, AOG has been working with the government for some time to help enhance the country’s energy strategy and was pleased to see that good progress has been made towards the development of an ethanol blending policy by the government.