(Bloomberg) -- Brookfield Business Partners LP is reviving a sale of UK-based biofuel provider Greenergy amid heightened appetite for renewables assets, people familiar with the matter said.

The US-listed investment firm has received interest from potential buyers of Greenergy, which may fetch about £1.2 billion ($1.4 billion) or more, the people said, asking not to be identified discussing confidential information. 

Deliberations are ongoing and there’s no certainty that any formal offers for the business will be made, according to the people. A representative for Brookfield declined to comment. 

Greenergy was founded in 1992 as a supplier and distributor of low-emission transportation fuel. It buys waste oil and converts it into renewable biofuel, which it supplies to the UK, Ireland, Canada, Brazil and the Middle East, according to its website.

Bloomberg News reported last year that Brookfield was working with Citigroup Inc. and HSBC Holdings Plc to gauge interest from potential suitors. Demand for such fuel been recovering from a slump during the Covid-19 pandemic, when countries around the world placed tough restrictions on travel. 

Russia’s war in Ukraine is also accelerating a shift away from reliance on fossil fuels. UK energy giant BP Plc agreed this month to buy biogas producer Archaea Energy Inc. for about $4.1 billion including debt, as part of its expansion into into lower-carbon fuels.

Brookfield Business Partners, which backs companies in the business services and industrial sectors, is a listed arm of the $750 billion-plus investment firm Brookfield Asset Management Inc. 

It acquired a controlling stake in Greenergy in 2017 for an undisclosed amount and has since helped it grow in part through acquisitions, expanding the company’s footprint in markets including Canada. Last year, Greenergy completed a purchase of Amber Petroleum, a fuel retailer and distributor based in Ireland.

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