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US-headed Bunge Ltd and BP plc have announced that they have completed the formation of BP Bunge Bioenergia, the Brazilian bioenergy joint venture that combines their Brazilian bioenergy and sugarcane ethanol businesses. BP Bunge Bioenergia is now the second-largest operator by effective crushing capacity in the Brazilian bioethanol market.
It will also generate renewable electricity – fuelled by waste biomass from the sugarcane – through its cogeneration facilities to power all its sites and sell surplus electricity to the Brazilian power grid.