Renova is a joint venture between Vicentin S.A.I.C. (“Vicentin”) and Oleaginosa Moreno Hermanos S.A.C.I.F.I. Y A. (“OMHSA”), a wholly owned subsidiary of Glencore Agriculture Ltd. (“Glencore Agri”).

Vicentin, a family-owned business, was incorporated in 1929 and has been in the soybean crushing business since 1979. It is one of the largest soybean processors in Argentina, owning 3 other facilities and a port terminal in the Great Rosario Area, and two other biofuel plants in northern Santa Fe.

OHMSA operates 2 multi-seed crushing plants, 1 vegetable oil refinery, 2 storage facilities and 2 ports, among others.  Glencore Agri is owned by Glencore Plc (49.99%), Canada Pension Plan Investment Board (39.99%) and British Columbia Investment Management Corp. (9.99%).

Total project cost is estimated at US$434 million. Proposed IFC investment will consist of a long-term loan of up to US$75 million for its own account, and the mobilization of parallel and B loans.

Timbues, Santa Fe, Argentina.

The project has been classified as category B according to IFC’s Policy on Environmental and Social Sustainability.  Such projects are defined as those that have business activities with potential limited adverse environmental or social risks and/or impacts that are few in number, generally site-specific, largely reversible and readily addressed thorough mitigation measures.  Based on the review of available project information, key project related EHS and social aspects were identified as being related to: i) development of appropriate corporate and plant level EHS management system; ii) establishment of an EHS/OHS corporate team to oversee activities and ensure sufficient level of supervision at plant level; iii) carrying out specific gap analysis at each plant to ensure its operations are aligned with local standards and IFC’s requirements .