BNDESPar takes 15% stake in Brazil GraalBio for USD 293.9m

(SeeNews) - Jan 21, 2013 - BNDESPar, the investment arm of Brazil's National Social and Economic Development Bank (BNDES), has bought a 15% stake in Brazil-based biofuel firm GraalBio Investimentos SA for BRL 600 million (USD 293.9m/EUR 221m), Bernardo Gradin, CEO of local diversified holding company Graal SA, revealed today.
BNDES' funds will be gradually disbursed along the next several years as the company's plans evolve.
GraalBio, created in 2011, will target to achieve in 2020 an output of 1 billion litres (264.2m gallons) of second-generation ethanol, mainly for supply on the domestic market.
It is poised to build four second-generation ethanol plants, two biochemical manufacturing units and two flexible bio-refineries that will be able to produce both second-generation ethanol and biochemicals.
The first second-generation ethanol production plant of the company will be launched in early 2014, in Brazilian Alagoas state. The venture, budgeted at BRL 350 million, will annually produce 82 million litres of ethanol from sugar cane bagasse and straw.

(BRL 1 = USD 0.49/EUR 0.368)

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