IRELAND: Beet Ireland launches fundraising for US$8.09 million

Published: 09/24/2013, 1:35:03 PM

Beet Ireland is launching its first public fund raising effort for EUR6 million (US$8.09 million) at the National Ploughing Championships, according to Ireland's RTE.

This is the next step on the road to developing a new sugar and bioethanol industry for Ireland. 2017 is now the target date for processing sugar beet following the finalisation of the EU CAP Agreement last July by Minister Simon Coveney. Beet Ireland says this policy change has enabled the business planning for the project to continue within a clear timeframe. The group has been working with Cantor Fitzgerald to plan the financing of this major strategic infrastructural project for Ireland, which will cost in the order of EUR400 million.

Michael Hoey, chairman of Beet Ireland, says that the agriculture industry needs more than ever to bring back the sugar industry to Ireland, adding that it would add EUR200 million back in to the economy. He says that the country currently imports over EUR300 million of sugar and sugar products into the country. Hoey says the fund raising exercise would allow the people of Ireland to invest in a major piece of infrastructure and the money will be used for the planning process of this development. Hoey says it is his firm belief that commodities will only go one way in the future.

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