Infinity Bio-Energy leases 31,000 hectares from Jamaica for $1.55 million to augment sugar production at five mills

In Brazil, Infinity Bio-Energy said that it will pay Jamaica $50 per hectare for 31,000 hectares, or $1.55 million per year in lease payments, for cane land adjacent to five sugar factories it purchased from the Sugar Company of Jamaica. The 25-year leases cost three times as much as originally projected in a complex agreement under which Infinity acquired the five sugar mills for $25 million but paid no cash upfront. Jamaica will own 25 percent of the venture, added the Petrojam Ethanol entity to the venture, and will absorb the cost of the Sugar Company of Jamaica’s debt and redundancy payments to sugar workers.

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