São Martinho S.A. (the “Company” or “São Martinho”), an existing IFC client, is a leading sugar and ethanol company in Brazil with 24.5 million tons of crushing capacity, operating three sugar mills (São Martinho, Iracema and Santa Cruz mills producing sugar, ethanol, bioenergy and by-products) in the state of São Paulo and one distillery in the state of Goias (Boa Vista mill producing ethanol and bioenergy). The company has currently 247k ha under production, 55k ha of which are owned and the remainder is leased land and partnerships. São Martinho crushed 22.6 million tons of sugarcane last season (2019/2020), and produced 1.1 million tons of sugar, 436 thousand m3 of anhydrous ethanol and 670 thousand m3 of hydrous ethanol. The proposed IFC facility is a financing package for São Martinho comprised of a Loan in the amount of up to US$90 million. The IFC Loan will support the Company’s investment program, consisting of (i) the expansion of the Company’s cogeneration capacity, including new efficient boilers and equipment; and (ii) the renewal and treatment of existing sugarcane fields (the Project). The cogeneration investment will replace existing boilers and generators with new more efficient ones and allow to produce additional electricity to be sold into the grid and for Sao Martinho’s own consumption. The Project will also support the renovation of the Company’s sugarcane plantations using advanced climate-smart agricultural techniques, including maximizing the use of organic fertilizers, recycling nutrients, and minimum tillage among others.
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