Solazyme Cuts Brazil Borrowing Cost With $120 Million Loan
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Solazyme Inc., a U.S. biofuel company, lowered its borrowing costs with a 245.7 million-real ($120 million) loan from Brazil’s national development agency BNDES for a plant it’s building in the South American country.
The funding "represents a sharp reduction in the cost of capital compared to typical clean-technology financings," Laurence Alexander, an analyst with Jefferies Group Inc. in New York, said in a research note today. It’s "a significant milestone for both Solazyme and the biochemicals industry."