Proterra Investment Partners, a spinoff from agricultural commodities producer Cargill, is looking to buy farmland in Brazil and elsewhere in Latin America, including Colombia and Mexico.

According to a Bloomberg report on 12 February, Proterra plans to invest US$450M in farmland and additional infrastructure in Latin America and Australia through ventures with local partners. Brent Bechtle, Proterra’s head of agricultural funds, said investments would be made in Brazil in the next three to six months.

Bechtle told Bloomberg that the company is focused on acquiring land via ventures with local companies for soyabean and corn production in the north of Brazil.

Proterra acquired two sugar-cane mills in Brazil in December last year with combined crushing capacity of 3.7M tonnes as well as 35,000ha of farmland.

The deal with Antonio Ruette Agroindustrial Ltda – valued at US$175M – was the company’s first investment in the country.

According to Bloomberg, Cargill will continue to be an investor in Proterra but will not be involved in the management of the new mills.