Renewable Energy Startup Targets BRL300m

BioClean Energy, a startup in the biofuels sector in Brazil, is looking to raise up to BRL300m to begin operations this year, Richard Lark, a board member of the company and a principal at private equity firm Endurance Partners, which backs the new company, tells LatinFinance. Lark, better known as the CFO of low-cost airline Gol, says the company is looking to set up two mill complexes, a process which costs about $70m per mill. The capital raise is expected to take place in the coming months. BioClean is among the many early stage companies in the renewable energy, sugar and ethanol sectors seeking private capital for funds. Among the better known private companies are Brenco, backed by US-based firm Yucaipa as well as several wealthy individuals; and CNAA, run by managers of SantelisaVale and backed by Carlyle Riverstone and Global Foods.