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ERB secures financing for new biomass projects

Renewable Energies of Brazil (ERB), an enterprise involved with the generation of biomass-derived power, has concluded its second fundraising cycle for the development of new projects for the co-production of energy and steam.

Endespar and Fundo Caixa Ambiental (Environmental Fund Bank), run by Mantiq Investments from Santander Bank, have invested $300 million (€220.9 million) and will join the company's shareholders' board, next to the FI-FGTS (Fundo de Investimento do Fundo de Garantia por Tempo de Serviço) and of Rioforte Investments of the Banco Espirito Santo.

ERB says that is plans to sign agreements for another four new projects between now and 2014, and a further three until 2015. The company says its investment portfolio is estimated at R$1.7 billion (€568 million), with the resources of this business strategy coming from the main company investors.

The ERB's fundraising process had the financial assistance of the Morgan Stanley and Espirito Santo Banks, and legal counseling from the TozziniFreire law office.