PTPN IX investing $48.8 million in new ethanol plant.

In Indonesia, state-owned plantation company PTPN IX is developing a $48.8 million, 30 million liter per year ethanol facility in East Java that is set to come online in March. The project is supported by $4 million in the company’s own funds, a $16.6 million grant from Japan in the form of equipment such as fermentation and dehydration machines and a loan for $28.2 million from Bank Mandiri.