Fibria Celulose S.A. says it has already structured all of the funding for the Horizonte 2 Project, which will expand production capacity at its Três Lagoas Mill, located in the state of Mato Grosso do Sul, Brazil. Total investment was revised to $2.2 billion, down from the initial capital expenditure of $2.5 billion, the company said.

Funding sources combine own cash (working capital), banks, Agribusiness Receivables Certificates (CRA), BNDES, Midwest Development Fund (FDCO) and foreign export credit agency (ECA). The estimated average borrowing cost is 2% p.a. in USD.