Brazilian ethanol project gets $ 1 bn funding

Nov 13, 2008 01:00 AM

Vital Renewable Energy Company (VREC), a new Brazilian company, has secured funding amounting to $ 1 bn (EUR 799 mm) for ethanol and electricity generation projects in Brazil.
The funding was completed by an international consortium of private investors including Paladin Capital Group, Vision Brazil Investments, Leaf Clean Energy Company, Petercam Asset Management and PCG Clean Energy & Technology Fund.

VREC, in partnership with Grupo Farias, a traditional sugarcane and ethanol producer with over 10.5 mm tons of installed crushing capacity and a nationwide presence, has already begun constructing its first production unit, located in the state of Sao Paulo.
"As a result of over 20 months of detailed industry analysis and the review of numerous agricultural-industrial projects, we selected a portfolio of initial investments focused on ethanol production and associated energy generation capable of delivering the returns expected by our investors," Ricardo Roccia, CEO of VREC, comments.

VREC plans to invest in a broad range of new projects in Brazil related to ethanol and energy generation.
It will also consider purchases of existing ethanol facilities and investment opportunities in ethanol infrastructure.

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