Future Capital Partners, a London-based £6bn (€6.7bn) alternatives boutique, is looking to raise £40m for a renewable transport fuel plant in North England that will generate ethanol from wheat.

Future Fuels is the new venture that will own, provide finance for and construct a site in Grimsby, leasing the plant to Vireol, a renewable energy company. Investors will own a 40% stake in Vireol. Future Capital aims to return more than 30% annualised to investors in the fund over five to seven years.