(SeeNews) - Jan 17, 2013 - US Solazyme (NASDAQ:SZYM) said yesterday the Brazilian Development Bank (BNDES) had approved a BRL-245.7-million (USD 120m/EUR 90m) project financing for its renewable oils plant in Brazil, jointly developed with US Bunge Ltd (NYSE:BG).
As part of their Solazyme Bunge Renewable Oils joint venture, the biofuel and biotechnology firm and oilseed processor Bunge's unit Bunge Global Innovation are currently building a 100,000-tonne renewable oil production facility next to Bunge's Moema sugarcane mill in the Brazilian state of Sao Paulo.
The eight-year loan for the project will have an average interest rate of about 4% a year. It was extended mainly through BNDES programme for supporting industrial technological projects, Solazyme said.
Construction of the Solazyme Bunge Renewable oil plant started in June 2012, with the facility expected to come online in the last quarter of 2013. The partners said in November they planned to raise its production capacity from the 100,000 tonnes under construction to 300,000 tonnes annually by 2016 and expand its portfolio of oils to include certain edible food oils for sale on the Brazilian market.
(BRL 1.0 = USD 0.489/EUR 0.368)