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Solazyme, Bunge JV secures $120m through BNDES

17 Jan 2013

The Brazilian Development Bank (BNDES) has lent BRL246m ($120m) to the Solazyme Bunge Renewable Oils joint venture, for the construction of a biofuel facility.

This funding will support the creation of a commercial-scale production site, which will be adjacent to Bunge’s sugarcane mill in São Paulo state.

Finance came through the PAISS programme, a BNDES/FINEP plan for stimulating industrial technological innovation in the sugar-based energy and chemical sectors.

The eight-year loan will have an average annual interest rate of four per cent.

Rogerio Manso, chief commercialisation officer at Solazyme, said, ‘Solazyme Bunge Renewable Oils is committed to commercialising innovative tailored oil technology in Brazil.

‘This financing from BNDES highlights the significant value that the joint venture can bring to the Brazilian economy.’

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