Norton Rose Fulbright advises bp in US$1.4 billion acquisition of bp Bunge Bioenergia

A cross-border team from Norton Rose Fulbright advised bp on its acquisition of Bunge's 50% interest in bp Bunge Bioenergia, taking full ownership of the Brazilian biofuel joint venture and rebranding to bp bioenergy. The enterprise value of the stake acquired is approximately US$1.4 billion.

The subsidiary is one of the largest ethanol and sugar operations in Brazil, running 11 sugar plants across five states with a production capacity of around 50,000 barrels a day of sugarcane-based ethanol-which bp hopes to double. The mills produced a collective 1.3 million tons of sugar, 1.2 billion liters of ethanol and 1,000 gigawatts (GWh) of electricity in 2022 and 2023.

The deal, which closed on October 1, 2024, aligns with bp's global strategy to boost renewable energy production and will increase the energy giant's workforce in Brazil from 300 to 9,000 employees.