Afriren gets $5m for rubber biomass project

ERJ staff report (DS)

London - Takoradi Renewable Energy Limited, a subsidiary of Africa Renewables Ltd ("AfriRen"), the biomass producer and trader, has secured a credit facility of $5 million from Standard Chartered Bank in Ghana to support its first biomass energy project in Africa.

After deals with GREL and Verdo Energy, the loan finalises AfriRens Ghana distribution chain and should see the company double total biomass exports from Africa to Europe by 2016.

AfriRen harvests redundant rubber trees that are cut in order to prepare for replanting, and processes them into woodchips, helping displace the burning of coal and assisting Europe meet its renewable energy policy target.

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Press release from Afriren