Sunshine Kaidi to build €1bn biodiesel plant in Finland
China-based renewable energy firm Sunshine Kaidi New Energy is planning to build a €1bn biodiesel plant in Finland.
The move comes as Finland is seeking to replace fossil fuels with biofuels, as reported by biofuels international.
During the construction phase, the project to be built in the northern city of Kemi is expected to create close to 4000 jobs.
Construction work on the refinery is planned to commence in 2017.
Kaidi is currently negotiating with subcontractors and other stakeholders for the project development.
Scheduled to become operational in 2019, the proposed plant will convert wood-based biomass into 200,000 tons of biofuel per year.
The output from the refinery, which is expected to be the first of its kind in the world, will be a mix of 75% biodiesel and 25% biogasoline.
Kaidi plans to make the final investment decision for the plant by the end of this year which would be the company's first in Europe.
Sunshine Kaidi New Energy Group chairman and CEO Chen Yilong said: "We find Finland the most interesting country to invest in for biofuels production in the Northern hemisphere.
"Finland has vast biomass resources, plenty of potential partner companies and an extremely progressive biofuels policy."
The refinery project has already secured environmental impact assessment approval from the Centre for Economic Development, Transport and the Environment of Lapland.
Kaidi currently operates more then 30 biomass plants in China and Vietnam.