Solazyme JV gets Brazilian Bank’s funding approval renewable oil facility

Solazyme JV gets Brazilian Bank’s funding approval for renewable oil facility

7:25 AM, 18th January 2013
Solazyme JV gets Brazilian Bank’s funding approval for renewable oil facility

SOUTH SAN FRANCISCO, US: Solazyme Bunge Renewable Oils, Solazyme’s joint venture with Bunge Global Innovation LLC, has received approval for project financing in the form of a loan from the Brazilian Development Bank (BNDES) of R$245,699,000 ($120 million). The BNDES funding will support the joint venture’s first commercial-scale renewable oil production facility in Brazil, which is being constructed adjacent to Bunge’s Moema sugarcane mill in Sao Paulo state. The 8-year loan will have an average interest rate of approximately 4 per cent per annum.

“Solazyme Bunge Renewable Oils is committed to commercializing innovative tailored oil technology in Brazil. This financing from BNDES highlights the significant value that the joint venture can bring to the Brazilian economy,” said Rogerio Manso, Chief Commercialization Officer, Solazyme.

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