Agriculture products giant Bunge has formed a Brazilian biofuel joint venture with BP. Called BP Bunge Bioenergia, the 50-50 venture will operate 11 sugarcane mills—8 from Bunge and 3 from BP. Bunge will receive $75 million, and the venture will take on $700 million of Bunge’s debt. The mills produce sugar and ethanol and sell surplus biomass-based energy to the electric grid. The deal will grow BP’s biofuel business while helping Bunge reduce its exposure to sugar milling, the companies say.