Agrenco Group, whose financial and treasury arm Finacom operates from Malta, will be investing $60 million (130 million Brazilian real) in an oilseed complex in the state of Mato Grosso, Brazil.

The announcement was made in the capital of Mato Grosso, Cuiabá city, by Agrenco Group CEO Antonio Iafelice at a meeting with Mato Grosso state governor Blairo Maggi. Francisco Ramos, shareholder of the Agrenco Group, and José Marcos Lorenzetti, director of Agrenco Bioenergia, also took part in the meeting.

In a statement issued by Finacom, it was revealed that the complex includes a crushing and biodiesel plant and a biomass power plant. Finacom is currently working on obtaining finance for this project.

The complex is part of Agrenco’s plan to invest $110 million in three biodiesel and crushing plants in Brazil. The company intends to build other hubs in Parana and Mato Grosso do Sul states. Altogether, they will produce 380,000 tons of biodiesel.

Biodiesel plants will apply for the “social fuel” seal granted by the federal government, and therefore be eligible for tax-exemption, as the oilseed will be supplied by small-size farmers. The plants use the multi-seed technology, meaning they can crush and produce biodiesel from oilseed such as soybeans, sunseeds and rapeseeds.

Part of Agrenco’s biodiesel production will be used for its own fleet of 3,000 trucks and lorries. Another portion will be delivered to farmers and the remainder will be available to the external market.