Brazil's BNDES approves US$134.9 million financing for Bioflex's second-generation ethanol project

The Brazilian National Social and Economic Development Bank (BNDES) announced on May 8 that it had approved a loan of BRL303.3 million (US$ 134.9 million) for the construction of a second-generation ethanol plant by local firm Bioflex Agroindustrial.
Bioflex Agroindustrial, which is owed by local investment group GranInvestimentos SA (GranInvests), will build the plant in Sao Miguel dos Campos, in the northern Alagoas state. The facility will have a capacity of 82 million liters per crop.
The plant will be developed under the Brazilian government’s industrial innovation program for the sugar energy sector or PAISS.
BNDES has been a shareholder in GranInvests since December 2012, when its investment arm BNDESPar acquired a 15% stake in Graal Bio Investimentos, later renamed to GranInvestimentos.
(May 10, 2013)