Projects

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Projects / CNAA

In December 2006, Companhia Nacional de Açúcar e Álcohool (www.cnaa.com.br) was created, when the two founding investors, Santelisa Vale and Global Foods closed a private placement for a total of USD 312.5 million.

Of this amount, USD 72.5 million was invested by the founding investors, and the remaining amount by a consortium of private equity investors specialized in energy: Carlyle/Riverstone, Goldman Sachs, DAC and Discovery.

Growing towards 6.000 employees

The original business plan of building four greenfield sugar cane plantations and mills in the Brazilian states of Minas Gerais and Goias, has been implemented since the beginning of 2006. At this moment, the first two mills, Ituiutaba in Minas Gerais and Itumbiara in Goias have started their operations and are producing both sugar and ethanol. In 2010, these first two plantations will be expanded and co-generation of bio-electricity will start. Furthermore, two more plantations and mills in Minas Gerais, Campina Verde and Platina, will be started up.

In the coming years CNAA should grow to 6,000 employees (today, there are some 3,000), 120,000 Ha’s, 10.8 million tons of crushed cane, 720,000 MT of sugar production, 414,000 M3 (112 million Gallons) of ethanol production and 800,000 MWh of electricity production per year. This overall size is planned to be doubled in a second phase.

At this moment, the Inter American Development Bank is the company’s main project financier, and is expected to be joined by BNDES and a number of commercial banks in the course of 2010. For updates on the company’s financing, Please check the News section.