15 January 2013 18:56 [Source: ICIS news]
LONDON (ICIS)--Brazil’s national development bank BNDES said on Tuesday it would lend Brazilian reais (R) 488.6m ($240.7m, €180.5m) to agricultural firm Adecoagro for the construction of a sugar and ethanol plant in southwest Brazil.
The plant, which will be in Ivinhema, Mato Grosso do Sul state, will process an estimated 4.1m tonnes/year of sugarcane, BNDES said.
The plant is expected to begin operations in 2014, the bank said, and will include a 120-megawatt (MW) biomass power plant.
“The project will be implemented in stages, and the bank’s support will run until the end of 2014,” BNDES said.
The bank announced last week that it would extend until the end of this year its Prorenova financing scheme to Brazil’s sugarcane producers.
The government-backed scheme, launched last year, is designed to encourage the expansion and renewal of sugarcane plantations and stimulate local sugar and ethanol production.
The programme offered R4bn of credit in 2012 resulting in the plantation of 410,000 ha (1.01m acres).
($1 = €0.75)
($1 = R2.03)
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