Brazil - BNDES approves funding for Solazyme/Bunge JV

Tuesday January 22 2013

Solazyme Inc. and Bunge Global Innovation LLC joint venture (JV) Solazyme Bunge Renewable Oils in mid-January received approval for project financing in the form of a loan from the Brazilian development bank BNDES of BRL245.699 mln ($1=BRL2.04).

The funding will support the JV's first commercial-scale renewable oil production facility in Brazil, which is being constructed adjacent to Bunge's Moema sugarcane mill in Sao Paulo state. The plant is expected to have a production capacity of 100,000 tonnes of triglycerine oils. Operations are expected to start in the fourth quarter of 2013.

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