May 31, 2017 / 10:49 PM / a year ago

Argentine soy exporter Renova gets $410 mln loan to boost capacity

BUENOS AIRES, May 31 (Reuters) - Argentine soy exporter Renova received a $410 million loan to build a new grains port and boost capacity at its 20,000-tonne-per-day processing plant by 50 percent, the International Finance Corporation (IFC) said in a statement on Wednesday.

Renova, a joint venture between agroindustrial companies Vicentin and Oleaginosa Moreno Hermanos — part of major global commodity trader Glencore Plc’s agriculture group — received the money from Rabobank, the IFC, which is the World Bank’s private sector lending arm, and several other lenders.

In addition to the port and processing plant, the company also owns two biodiesel plants, all in the key grains processing and exporting hub of Santa Fe Province. Argentina is the world’s leading exporter of soybean oil and soybean meal, and the No. 3 soybean exporter.

Last week, Glencore told shareholders it was looking to expand its agriculture business. (Reporting by Maximiliano Rizzi; Writing by Luc Cohen; Editing by Sandra Maler)

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