Speaking to the Irish Farmers Journal, Michael Hoey said it was a wonderful opportunity to get in at ground level on a project of real national significance.

The initial fundraise is to bring the project through the pre-planning phase and will require €6m. “The initial investment inevitably carries a higher risk, but it offers a very high potential return of 20% per year “ he said. “This means a €25,000 investment could get €104,000 back over eight years, all going well.”

This initial phase includes site selection and, according to Hoey, that process is ongoing.

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“We have taken a lot of time in selecting our processing site, but it is the most crucial strategic decision of the whole process,” he said. “It’s vital that the factory has good infrastructural access.” This applies not only to the road network, but also water and energy supply.

Hoey pointed out that the one group who will not be affected by the location of the new processing facility will be farmers. “From the very start, we have been adamant that every farmer who wants to grow beet should have the opportunity to do so.

“We will design a delivery model that will allow our growers to get their beet to the plant efficiently, irrespective of its location relative to them”

Significant work has already been carried out, with the Beet Ireland group themselves bearing the costs to date.

On track

Hoey believes the project is on track to deliver a processing facility following the abolition of sugar production quotas in 2017. “The Minister has carried out his role in ensuring that sugar quota access will no longer be a barrier from 2017,” said Hoey. “Now we are calling on the farming community to support us in restoring an industry that should never have been lost to the country.”

Finally, Hoey paid tribute to Cantor Fitzgerald, who are working closely with Beet Ireland financing the project, which will cost €400m in total.

How hopes farmers will step forward to invest at this first opportunity. “The sugar industry would never have been lost to Ireland if it had been in farmer ownership,” he said. “Farmers must learn from the mistakes of the past and grasp this opportunity to gain control of their own destiny.”

details

For further information contact Richard Power at beetireland@cantor.com or Cantor Fitzgerald Ireland Ltd, 75 St Stephen’s Green, Dublin 2.