Yes. Just break it down into this concept: it is a complex way of trying to derive energy from the sun. The sun drives photosynthesis in the plant and you harvest it converting it into an energy source. Even if you ignore the issues of land use and source of fertilizer, it still boils down to an indirect way of deriving energy from the sun.
Invest the money in developing more efficient solar energy and using government/state land for solar farms - such as along interstate highways.