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BNDES blended two credit lines into a single BRL 950 million package for Inpasa's sixth Brazilian biorefinery, sited in Luís Eduardo Magalhães in western Bahia: BRL 350 million from Fundo Clima — the federal climate fund, lending at concessional below-market rates — and BRL 600 million from the standard BNDES Finem line, which GTA flags for its local-content conditionality (the same "certainly harmful" classification applied to the Neomille/CerradinhoBio loan below). The plant will mill up to 1 million tonnes/year of corn, sorghum and other grains into an estimated 498 million litres of ethanol (anhydrous and hydrated), 248,900 tonnes of DDGS (dried distillers grains, a high-protein animal-feed co-product), 24,862 tonnes of vegetable oil and 185 GWh of electricity, occupying a 125,280 m² site. Full operating capacity is expected from 2027.
Severity is set at 2 (above the Neomille expansion loan's severity 1) given the larger absolute size (~USD 176 million vs ~USD 56 million) and that this is a new greenfield biorefinery rather than a single-site capacity expansion.
fast-growing corn-ethanol complex, which increasingly competes with US corn-ethanol and DDGS exporters in Southeast Asian and EU feed markets.
structure BNDES has repeated across multiple agro-processing loans (see 2025-10-27-brazil-bndes-neomille-corn-ethanol-expansion-loan and the food-security-production-subsidies / western-industrial-policy-stack themes) — the aggregate scale across the corn/ethanol complex is the thing worth tracking, not any single loan.
clauses) are not disclosed in the public press release; GTA's state-act page gates this detail behind a login.