Green Spirit Fuels has announced a deal with HSBC to fund the lion's share of its proposed £85m biofuels plant at Henstridge, Somerset, through its subsidiary Wessex Biofuels. The plant will be built adjacent to Wessex Grain, a Green Spirit Fuels shareholder.
Managing director Malcolm Shepherd said HSBC had agreed to provide more than half the required investment, while a number of private investors were in place to meet the balance.
"We're now going through the process of due diligence and expect to begin construction this autumn, with the plant fully operational in April 2008."