“…This new investor profile was only possible because of radical changes in the international context such as sugar market trade liberalization (Pinto, 2011), international capital liquidity (Nascimento, 2011) and strong global demand for clean energy (Conejero et al, 2010). These changes in the business model impacted not only company finances, but primarily the dynamics of local development as it allowed more local actors to participate in capturing the value of this business chain (Marques Postal, 2014;Reydon, Bastiaan;Marques Postal, 2016), and, in this sense, was more inclusive in terms of sharing the revenues generated by the sector.…”