Brazil’s ETH Bioenergia says on track towards $516 million debt financing for sugarcane ethanol in December

In Brazil, ETH Bioenergia, the biofuels subsidiary of Odebrecht, announced that it remains on schedule to increase its sugarcane crushing capacity from 3.6 million tonnes annually in 2008 to 45-50 million tonnes per year by 2016. The company also said that it expects to have more than $500 million in debt financing in place by December through the Brazilian national development bank (BNDES) for the construction of three proposed ethanol plants. The company aims eventually to have 10 mills in place by 2016 in Mato Grosso do Sul, Minas Gerais and Sao Paulo states.

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