Ethanol energy project to begin in Brazil
A new renewable energy project is set to take place in Brazil after funding was secured from international investors.
In news which may interest people considering investing in property in Brazil, the Vital Renewable Energy Company (VREC) has confirmed funding totalling over US$1 billion (£648 million) from private investors in the US, Europe and the Middle East.
Brazzilmag.com reports that construction has begun on the first production unit in Sao Paulo state, which will create the traditional sugarcane and ethanol fuel.
VREC is planning to continue to invest in eco-initiatives across Brazil.
Ricardo Roccia, chief executive officer of VREC, told the site: "We selected a portfolio of initial investments focused on ethanol production and associated energy generation capable of delivering the returns expected by our investors."
President Luiz Inacio Lula da Silva recently highlighted the potential for the expansion of the ethanol biofuel industry in the country, reported the Brazil Arab News Agency.
