Bevap Gets Biofuels Financing

BNDES has agreed to loan BRL392m to biofuels producer Bioenergetica Vale do Paracatu (Bevap). The facility is in 2011, 2015, 2017 and 2019 tranches, according to a BNDES spokeswoman, who declines to detail pricing. Bevap will use proceeds to build a mill in Minas Gerais state with a crushing capacity of 3m metric tons per year, starting operations in 2010. The mill will primarily produce ethanol as well as co-generating 80MW of electricity. The BNDES loan will account for 60% of the total BRL653m investment, with the remainder expected to come from a Banco do Brasil-led syndicated loan.