Montreal (Quebec), 11 March 2026 – Canada’s bilateral development finance institution, FinDev Canada, announces a USD 40 million loan investment to S.A. Usina Coruripe Açúcar e Álcool (Usina Coruripe), one of Brazil’s leading sugar and bioethanol producers.
FinDev Canada’s loan is part of a USD 100 million facility led by Proparco, and supported by FMO. The facility will finance ongoing sugarcane farming activities, including replanting, maintenance, and field operations for bioethanol and sugar production, to support Usina Coruripe’s management of 70,000 hectares of certified plantations under the Bonsucro or ISCC Corsia Plus sustainability standards in Brazil. FinDev Canada’s commitment will support Usina Coruripe’s three certified sugarcane plantations – Coruripe, Iturama, and Limeira do Oeste – for bioethanol production.
Brazil's sugar sector plays a significant role in its economy, supporting an agribusiness industry that represented approximately 26% of national employment in 2025. As the country is one of the world’s leading producers of bioethanol, the sector is also central to its sustainable fuel strategy and long‑term decarbonization goals. Usina Coruripe strongly contributes to these objectives through its extensive bioethanol production capacity, generating approximately 220,000 cubic meters of bioethanol from 2022 to 2024, with 90% sold domestically to meet rising demand.
Usina Coruripe generates additional local economic benefits by supporting more than 7,000 permanent jobs in high poverty and rural areas, and is committed to strengthening gender equality across its operations. With support from FinDev Canada, it will implement a gender action plan to increase women’s participation in the workforce through targeted recruitment and practical training.
The relationship with Canada and Brazil continues to grow through several multilateral and bilateral agreements. FinDev Canada’s investment reinforces Canada’s strategic positioning with Brazil, the third largest economy in the Americas and Canada's most important trading partner in South America.
“FinDev Canada is proud to support Brazil’s decarbonization efforts through its investment in Usina Coruripe. By partnering with committed institutions, such as Proparco and FMO, we are promoting stronger development impact in the bioethanol sector, strengthening local markets, and advancing climate action and gender equality across the country,” said Paulo Martelli, VP and Chief Investment Officer, FinDev Canada.
Mario Lorencatto, President of Usina Coruripe, highlighted the importance of the transaction with FinDev Canada and noted that the company continuously pursues a business strategy focused on innovation, sustainability, and investment in its people. “With this new partnership, we will continue on our path of economic growth while contributing to the socio-environmental development of our country,” said Lorencatto.
About FinDev Canada
FinDev Canada is Canada’s bilateral development finance institution, supporting development through the private sector. We provide financing, investment, and blended finance solutions, as well as technical assistance and advisory, to promote sustainable and inclusive growth in emerging markets and developing economies (EMDEs), in alignment with the Sustainable Development Goals (SDGs) and Paris Agreement commitments. Find out more about FinDev Canada at www.findevcanada.ca.
About Usina Coruripe
Usina Coruripe, controlled by the Tércio Wanderley Group, is headquartered in Coruripe, in the state of Alagoas, and was founded in 1925. It is the largest company in the sugar-energy sector in Brazil’s North and Northeast regions. The company is also among the largest groups in the sector in the state of Minas Gerais and ranks among the top 10 in Brazil.
With four units in Minas Gerais (in Iturama, Campo Florido, Carneirinho and Limeira do Oeste), one in Alagoas (Coruripe), and its own railway terminal in Iturama, Usina Coruripe has a sugarcane crushing capacity of 17 million tons. The company produces more than 1.6 million tons of sugar and around 500 million liters of ethanol, with storage capacity for approximately half of this production, and also commercializes renewable energy generated from biomass.
Media Contacts
FinDev Canada: Media@findevcanada.ca
Usina Coruripe: delio@interfacecomunicacao.com.br