World Bank affiliate secures Brazil bioenergy stake

By
Thursday, December 18, 2014

The World Bank's International Finance Corporation (IFC) has bought a minority stake in Brazilian bioenergy firm Biosev for 128mn reais (US$48mn).

Under terms of the deal, IFC has agreed to subscribe for more than 12mn shares, lifting Biosev's capital stock to 2.62bn reais, the São Paulo-based firm said in a securities filing.

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"Agribusiness is a strategic priority for IFC because of its potential for development and poverty reduction", IFC investment officer Luiz Daniel de Campos said.

"We support Biosev's plan to enhance productivity and increase power generation from biomass, which will help enhance sustainability standards in the industry as well as support renewable energy in Brazil," he added.

Biosev, a subsidiary of French conglomerate Louis Dreyfus Commodities, owns 11 industrial units in Brazil.

Its assets include sugar and ethanol mills and biomass-fired cogeneration power plants.