Addax Bioenergy Ground breaking Ceremony

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Under the financing agreement, the African Development Bank (AfDB), the Emerging Africa Infrastructure Fund (EAIF), the Netherlands Development Finance Company (FMO), the German Development Finance Institution (DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH), the South African Industrial Development Corporation (IDC), the Belgian Development Bank (BIO), together with Cordiant managed ICF Debt Pool, are providing debt financing of €133 million. The Swedish Development Fund (Swedfund) and FMO are to join AOG as equity partners. The total size of the investment is estimated at €267 million. The financial close and first draw down of loans and equity is expected to take place in November 2011.

Addax Bioenergy S.A. (“Addax Bioenergy”), a subsidiary of the Addax and Oryx Group (AOG), today hosted the ground breaking ceremony for its energy and agriculture project near Makeni, in Sierra Leone (the “Project”).

The Project started in 2008 and includes the development of a Greenfield sugarcane plantation, the construction of an ethanol refinery and a biomass fuelled power plant which are due to become operational in 2013.

Today’s ground breaking ceremony marks the start of construction of the ethanol refinery and the biomass fuelled power plant. This is a significant milestone for the Project, which aims to become a model for responsible sustainable investment in Africa. The ceremony was attended by key political dignitaries and representatives of different stakeholder groups, including landowners, farmers, civil society organisations, development institutions, and management and employees of the company.

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