Kernel, the world leader in sunflower oil production, will invest an additional $63 million in 2021 fiscal year (started on July 1, 2020) in the implementation of an investment program for the construction of cogeneration heat and power plants its six oil crushing plants.
According to the company’s H1 FY2021 financial report, taking into account these funds, the total investment in the program since its inception in FY2018 reached $169 million. Three plants have already been already constructed and completing the precommissioning works, and three remaining facilities are to be commissioned in FY2022.
Kernel said that more than 50% of energy is already received from renewable sources, and their contribution to EBITDA in H1 FY2021 amounted to $10 million.
The company also recalled the goal announced in FY2020 to reduce greenhouse gas emissions by 5% over the next five years in the oilseeds segment.
