Vital Renewable Energy Company (VREC), a new Brazilian company, announced that it has secured funding from private investors in the United States, Europe and the Middle East. The company said that is ready to launch renewable energy projects in Brazil, focused mainly on ethanol and electricity generation.
The funding, which will exceed US $1 billion, was completed by an international consortium of investors led Paladin Capital Group, based in Washington, D.C. Vision Brazil Investments played a leading role in the structuring of the investment and the funds that it advises advised also invested in the financing round.
VREC, in partnership with Grupo Farias, a traditional sugarcane and ethanol producer with more than 10.5 million tons of installed crushing capacity and a nationwide presence in Brazil, has already started constructing its first production unit, located in the state of Sao Paulo.
Source: Renewable Energy World, 2008-11-13.