BNDES approves financing for new corn ethanol project in Brazil
Brazil’s BNDES has approved R\$625 million (\$113.6 million) in financing for São Martinho’s new 71.3 MMgy corn ethanol plant in Quirinópolis, Goiás. Backed by Climate Fund resources and private investment, the facility will process 635,000 t of corn annually, producing ethanol, corn oil, and distillers grains alongside São Martinho’s existing ethanol units.
The Brazilian Development Bank (BNDES) on Aug. 11 announced it has approved R$625 million ($113.64 million) in financing to support the development of a 71.33 MMgy corn ethanol plant being built by São Martinho S/A.
The R$625 million in financing includes R$500 million from the Climate Fund and R$125 million from the National Institute of Economic and Social Development. The project will also be supported by R$102.8 million from the Brazilian Studies and Projects Financing Agency and $452.2 million contributed by São Martinho.
The corn ethanol project will be located at São Martinho’s industrial complex in Quirinópolis, Goiás. The industrial complex already has one corn ethanol production unit and one sugarcane ethanol unit. The existing corn ethanol facility was also financed by BNDES and began operations during the 2023-’24 harvest. The sugarcane ethanol plant began operations in 2008.
Once fully operational, the new corn ethanol facility will have the capacity to process 635,000 metric tons of corn annually, producing 270,000 cubic meters (71.33 MMgy) of ethanol, 13,000 metric tons of corn oil and 170,000 metric tons of distillers grains.
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Source : Ethanol Producer Magazine
