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Greenfield Project Management invests in ethanol project

4th April, 2008

Ireland-based investment and project management company Greenfield Project Management has announced the start of a comprehensive energy system study and investment for its proposed bioethanol plants at Mozyr and Bobruisk in Belarus.

Greenfield will be investing at least €65 million into developing the projects in the course of 2008, having concluded a round of financing. The study will be carried out by the Swedish firm of consultants SEP Scandinavian Energy Project AB.

'We've been delayed by the difficult conditions caused by the turmoil in Western financial markets,' Michael Rietveld, Greenfield's CEO, says. 'We are now able to confirm a first tranche of financing to carry the projects forward this year.'

SEP engineers will travel to Belarus to gather information for a report to determine the best possibilities for the energy supply to the Mozyr and Bobruisk plants. SEP will submit its report to Greenfield approximately eight weeks after the field trip.

An Environmental Impact Assessment Study (EIS) will be carried out in conjunction with the Front End Engineering Design (FEED). The FEED will be undertaken by Greenfield's technology partners. This should be concluded in Q3 2008, after which the project can proceed to engineering, procurement and construction (EPC).

To oversee the activity, a steering committee has been set up in Minsk co-chaired by the partners in the joint ventures, Greenfield and the two Belbiopharm subsidiaries.