Chinese firm secures stake in Hungarian biorefinery
China New Energy (CNE) yesterday said it had acquired a 24% stake in a Visontai Bioetanol, a Hungarian biorefinery project company, for €250,000. Visontai contracted CNE to design and build a corn biorefinery with a capacity to produce 150,000 liters of ethanol daily.
CNE exercised its right to acquire 24% of Visontaiʼs equity for €250,000. It has the right to increase its holdings in Visontai to 50% for an additional €250,000. The biorefinery is set to begin operations in 2017 following 13 months of construction. The value of the contract for CNE is approximately €34 mln, of which €11 mln will be paid to Hungarian subcontractors.
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