Dallas, United States [RenewableEnergyWorld.com] Southridge Enterprises Inc. announced that it has signed an agreement with Beijing-based investment firm, Shenyang Rrzk Co., Ltd., to sell a 20% interest in the Company’s El Salvador ethanol facility for US $4 million. This foreign investment participation in the El Salvador plant stems the company’s Asian market awareness program currently being implemented by marketing firm Kikomaki Corp.
The company began construction of the ethanol manufacturing plant in El Salvador in February 2008. The new plant will have a maximum annual capacity of 20 million gallons per year and for a total cost of approximately US $20 million. The construction of the first phase of the facility is expected to be completed by early 2009 with the entire plant operational near the end of 2009 or early in 2010.
“The completion of the El Salvador facility will solidify Southridge as a significant US-based ethanol producer with a strong international presence in the ethanol industry. In addition, the rapid development towards the completion of our plant in Brazil will further launch the company towards its goal of becoming a major global supplier of ethanol,” said Ken Milken, Southridge’s president.