BP Alternative Energy acquires 83% stake in CNAA

BP Alternative Energy will acquire 83% of Brazilian ethanol and sugar producer Companhia Nacional de Acucar e Alcool (CNAA). Three years ago, private investment firms Riverstone and Carlyle invested US$187 million in CNAA. Riverstone and Carlyle are selling their entire interest in CNAA as part of the acquisition. The acquisition, which costs US$680 million, is part of BP’s plan to move “beyond petroleum”. With the addition of CNAA, BP’s overall Brazilian production capacity will rise to 1.4 billion liters of ethanol. To date, BP Alternative Energy has spent US$5.7 billion on green power and alternative fuel projects. (March 11,2011)