Coruripe Mill Secures R$530 Million International Financing

Coruripe, a prominent Brazilian sugar and energy company, recently announced the successful completion of an international financial operation totaling R$530 million. This substantial amount is part of a credit line facilitated by three global impact banks: Proparco (France), FMO (Netherlands), and FinDev (Canada). This announcement, made on Thursday, the 2nd, comes just days after the company concluded its sixth debenture issuance, raising R$100 million. The new international financing has an eight-year term, including a three-year grace period, and will be directed towards continuous sugarcane cultivation activities. This includes replanting, maintenance, and field operations essential for the production of ethanol and sugar. Furthermore, the funds will support Coruripe mill's management of 70,000 hectares of certified plantations in Alagoas and Minas Gerais, which adhere to Bonsucro and ISCC Corsia Plus sustainability standards. Proparco acted as the lead agent in the transaction, with FMO taking the lead in the environmental and social assessment. In a market statement, Proparco indicated that "this financing is entirely dedicated to Coruripe's capital expenditure plan related to the production of ethanol and sugar from certified sugarcane." The institution further added: "By supporting the cultivation of certified sugarcane, the project will contribute to the transition towards low-carbon energy sources, while strengthening the resilience and sustainability of an important agricultural value chain." Coruripe anticipates that the project will generate positive climate impacts.