Dovre Group’s associate company SaraRasa Bioindo Pte. Ltd., a Singaporean renewable energy firm, has agreed a financing round of USD 2.5 million with the Finnish Fund for Industrial Development Cooperation Ltd. (“Finnfund”). Finnfund’s investment consists of an equity stake and a loan. SaraRasa Bioindo is a pellet producer using sustainable waste materials with its first processing plant under construction in Indonesia.
“We are pleased to have Finnfund as a co-investor in SaraRasa Bioindo,” says Janne Mielck, CEO of Dovre Group. “Finnfund is a valuable partner for SaraRasa Bioindo due to its extensive experience in financing businesses with high sustainability and responsibility criteria and located in developing countries. Finnfund’s investment in SaraRasa Bioindo is very encouraging for Dovre Group as well. The construction project is proceeding according to schedule, and with Finnfund’s investment has even stronger financial capability to implement its profitable growth strategy. “
“SaraRasa Bioindo is an excellent investment target for us,” says Hanna Skelly, Associate Director in charge of Forestry, Environment, and Renewable Energy investments at Finnfund. “We have confidence both in the SaraRasa Bioindo’s management team and its shareholders. The project converts waste into renewable energy and is fully in line with Finnfund’s core strategy of supporting environmental investment projects involving Finnish partners in developing countries.”