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50 2 An Original Business Model: The Integrated Biorefinery

Fig. 2.15 Increase in total investment needs on the Bazancourt-Pomacle site between 2000 and
2011

Upstream Processing Downstream
R&D Ini al processing Distribu on
Collec on Secondary
processing

Fig. 2.16 Summary of the value chain upstream and downstream of processing

Europe). Created in 2006, CRISTANOL is today one of Europe’s leading
bioethanol producers. The firm is a subsidiary of CRISTAL UNION and
BLETANOL, and required an initial investment of 272 million euros for a produc-
tion capacity of 280,000 tonnes of ethanol.
The initial investment to launch the firm was funded as shown in Fig. 2.17.
Although equity and quasi-equity 42 make up 29 % of the initial investment,
long-term debt alone, typically bank loans, makes up 71 % of the investment
required to set up CRISTANOL.
In France, the CREDIT AGRICOLE DU NORD-EST (CANE) 43 has clearly
positioned itself as the agro-industry’s bank, and has partly enabled the major
projects on the Bazancourt-Pomacle site to be brought to fruition.

42
Current account.
43
Summary of information collected during interviews with Bazancourt-Pomacle biorefinery
actors.