Cosan Secures BNDES Funds

Brazil’s Cosan has obtained a BRL788m loan from BNDES. Some BRL639m will go to implement its greenfield mill project in Jatai, in the state of Goias. The remaining BRL149m will be used for a cogeneration project at its Gasa unit in Sao Paulo state. “BNDES will finance approximately 65% and 78% of the total amount to be invested in the Jatai and Gasa projects, respectively, over a period of up to 12 years,” Cosan says. The company was unable to immediately provide details of the loan. In addition, the sugar and ethanol producer has obtained a stand-by facility from Bradesco of up to BRL1.1bn in order to re-finance promissory notes due in November.