Holland's Agrenco and Japan's Marubeni Corp will invest at least 160 million U.S. dollars in renewable energy sources in Brazil, Agrenco announced on Thursday.

Agrenco will invest 120 million dollars in a new joint-venture, Agrenco Bioenergia, which will build three biodiesel factories and two grass-burning electricity generation plants.

It will also buy 10,000 hectares of land for cultivating napier grass. Marubeni, the minority partner, will invest 40 million dollars.

The biodiesel factories will buy soya from local producers and produce B-100 fuel, which can be used in any vehicle without adaptation. B-100 meets both United States and European Union diesel standards.

The electricity will be sold to the Brazil national grid.

Two-thirds of the joint venture's ownership will be held by Holland's Agrenco.

Source: Xinhua