SUGAR AND ETHANOL COMPANIES RAISE NEARLY R$ 8 BILLION WITH CRAS (AGRIBUSINESS RECEIVABLES CERTIFICATES) IN ONE YEAR.

Brazil’s sugar and ethanol sector is increasingly turning to the capital market to finance sugarcane investments, as traditional bank funding fails to keep pace with its 17% revenue growth. Over the past 12 months, companies raised R$11 billion, with R$7.8 billion from Agribusiness Receivables Certificates (CRAs), R$7.3 billion from debentures, and R$500 million via Fiagros. Sugarcane mills accounted for 85.6% of the funds, while corn and flex-fuel plants represented 9.1% and 5.1%, respectively. Since 2017, CRA investments in the sector have totaled R$42.5 billion across 136 operations. XP projects 21 CRA issuances worth R$7.3 billion in 2025, reflecting 16–17% of the market.
Source: Nova Cana