Sharechat Logo

T&G Global inks biogas plant deal with Provincial Growth Fund

Monday 8th July 2019

Text too small?

T&G Global is part of a biogas plant project in the Bay of Plenty which will receive $7 million from the Provincial Growth Fund. 

New Zealand's biggest fresh produce grower will buy energy from Eco Gas Limited Partnerships, and allow it to build an organic waste recovery facility on two hectares of land next to its glasshouse tomato operation in Reporoa. 

Pioneer Energy controlled-Eco Gas will receive a $7 million loan for the project which will convert more than 20,000 tonnes of organic food waste each year from local food manufacturers. 

Regional Economic Development Minister Shane Jones says the project is the first waste-to-energy plant of such scale in New Zealand. 

"The biogas produced can be used for fuel and could help achieve our carbon emission targets," he said. “If it proves commercially successful, it has the potential to act as catalyst for others being set up in regions nationwide.”

T&G last reported in February, having lifted full-year revenue 11.2 percent to $1.2 billion. However, the exporter said weather and tariff challenges saw net profit drop 63 percent to $8.3 million. 

Shares of T&G last traded at $2.72, having fallen 5.2 percent this year. Germany's BayWa owns about 76 percent of the company.

(BusinessDesk)



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Rio Tinto decision following strategic review of Tiwai
Contact says smelter closure is ‘disappointing’
South Port (SPN) Statement on NZAS Tiwai Point Aluminium Smelter Closure
Rio Tinto announcement on Tiwai Aluminium Smelter
Me Today announces equity raising to accelerate growth
Scott Technology Trading Update; Rising to the COVID Challenge
New non-binding indicative offer received from apvg, shareholder meeting deferred
U.S. Added 4.8 Million Jobs in June as Reopened Businesses Rehired
Auditors have a duty to be alert to fraud
Strong sales recovery but uncertainty remains over economic outlook and potential second wave of COVID-19

IRG See IRG research reports