In 2007, Principle, which is listed on the London stock exchange and backed by a group of hedge funds, began a project to develop a sugar-cane plantation on more than 20,000 ha in the Dombe District of central Mozambique. The project is overseen by Principle Energy Ltd, a group company of Principle Capital Holding, and will provide feedstock for what it says will be one of the worlds five largest ethanol plants and will produce the cheapest bio-fuel on the market. Principle Energy Ltd holds a 5-year contract with Principle Energy Management Services Limited, also a subsidiary of Principle Capital Holding. The contract was approved in 2008, construction was to start in 2010 and conclude by 2013, but by 2011 sugar cane production had not yet reached a level to warrant the start of construction. In September of 2013 the company's website listed the factory site as 'cleared and leveled'.