€215.56 Million Investment in Brazil

Brazilian ethanol producer, Usina de Acucar Santa Terezinha, is to invest 500 million reais (€215.56 million) in sugar-cane plantations and a mill.

The first phase of a cane project situated in the state of Mato Grosso is expected to be completed by 2015. The company will also be investing in its 8 existing mills, developing plantations for each.

This project, which initially was going to be put into action in 2008, was postponed due to the Brazilian financial crisis of the same year, but will reportedly get going this year. The national development bank Banco Nacional de Desenvolvimento Economico e Social and the government fund Fundo Constitucional de Financiamento do Centro-Oeste will aid with project funding.

The government is planning to develop 5.2 million hectares of new plantations along with the regeneration of 6.4 million hectares of old ones.