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Even Being a Well-Established Company in Renewable Energy, Bioenergia do Brasil Has Not Managed to Generate Enough Revenue to Overcome the Crisis.
Last Friday, (20), the consulting firm Datagro announced that soon, the Bioenergia do Brasil plant will be made available on the market for interested buyers. So far, there is no further information regarding how much it will cost or what the purchase conditions would be. Given its reputation in the field of sugarcane, fuel, and renewable energy, the price could be in the millions.
However, the plant is still undergoing a series of legal procedures before it can be auctioned. The current situation is that a judicial recovery plan is waiting for a ruling from the courts to proceed with negotiations. After the court’s approval, a notice will be published so that interested parties can prepare. The document will contain explanations about the terms, conditions, values, and when the sale will take place.
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Bioenergia do Brasil, a Company in the Renewable Energy Sector, Will Be Auctioned Due to Losses
Since 2003, the company has been reporting consecutive losses. To put this in perspective, only last year, Bioenergia do Brasil had a net result that was far below expectations, totaling only R$ 42.87 million. To try to save the business, several loans and other types of financing were secured. However, this only contributed to the debt growing and accumulating to R$ 295.16 million.
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Therefore, the situation of one of the largest companies in the renewable energy sector in Brazil is alarming. Thus, after so many attempts to save it, the only option found is to sell it. The value stated above was obtained on December 31, and in the last 8 months, an increase in losses may have occurred. Even though heavily indebted, the company manages to perform well.
For example, regarding sugarcane, the unit is able to process around 10,000 tons daily. Its other daily outputs are: 400 million liters of anhydrous ethanol, 600 million liters of hydrated ethanol, and 700 tons of VHP sugar. In terms of its contribution to renewable energy, Bioenergia do Brasil manages to generate up to 165 MWh daily. However, for this new harvest, the expectation is that the sugar-energy sector can achieve a total of 1 million tons in processing.
Is It Advantageous to Buy Bioenergia do Brasil?
When asked, the lawyer handling the case, Jorge Mattar, reveals that the crisis caused by the pandemic was a significant contributor to the current situation. For him, “With the pandemic, negotiations with creditors ended up extending over a time longer than expected, but the judicial recovery plan was approved in the general creditors’ assembly in late June 2021.”
Once the company is put up for auction, the funds raised will be used to pay off its debts. The remaining amount will be used to boost the other companies that make up the group, which are focused on agriculture. However, the company successfully completed some ethanol sales earlier in the year, which are expected to be delivered in the coming months.
Thus, whoever acquires Bioenergia do Brasil will not have to bear its contracts or outstanding debts. However, there is only one active contract with the Floralco plant in Flórida Paulista (SP), which is set to expire in 2038. Should the buyer of the auctioned company choose to continue or seek termination of the contract.
It is worth noting that Bioenergia do Brasil and Floralco are capable of processing around 22,000 tons of sugarcane daily, 1.2 billion liters of ethanol, and 1,300 tons of VHP sugar. In the end, a company in the renewable energy sector is producing clean energy for the environment.
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