Brazil has already replaced 25 percent of its gasoline use with ethanol. The country is ready for a mandatory 2 percent biodiesel blend from January 1st as well. So there's a market for all these biofuels.
Bndes is keeping an "active portfolio" of 96 biofuel projects with a value of about $6.3 billion US. The bank is following the Brazilian government policies of supporting biofuels actively. Bndes is the financial branch of the government, and finances infrastructures, industry and production, both for the public and private sectors of Brazil's economy.