BP completes acquisition of Bunge’s share of BP Bunge Bioenergia
Bunge Global SA completed the sale of its 50% stake in Brazil-based BP Bunge Bioenergia to bp on Oct. 1, giving bp full ownership. The joint venture, launched in 2019, combined the companies’ Brazilian biofuel, biopower, and sugar businesses. bp now operates 11 sugarcane mills, producing 1.7 million metric tons of sugar and 1.7 billion liters of ethanol annually.
Bunge Global SA on Oct. 1 announced that it has completed the previously announced sale of its 50% share in Brazil-based BP Bunge Bioenergia to bp. With the transaction complete, bp now owns 100% of the business.
Bunge and BP in July 2019 announced plans to create the BP Bunge Bioenergia joint venture (JV), which combined each company’s Brazilian biofuel, biopower and sugar businesses into a 50:50 standalone JV. The JV was officially launched in December 2019. On June 20, 2024, bp announced an agreement to acquire Bunge’s interest in the company.
With the acquisition now complete, bp bioenergy now operates 11 sugarcane mills across five Brazilian states. The company estimates those mills have the capacity to produce approximately 1.7 million metric tons of sugar and 1.7 billion liters (449.09 million gallons) of ethanol annually. The mills also produce approximately 1,400 gigawatt hours (GWh) per year of electricity from sugarcane bagasse.
Source: https://ethanolproducer.com/articles/bp-completes-acquisition-of-bunges-share-of-bp-bunge-bioenergia
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