FS Bioenergia, a joint venture between Brazilian and U.S.-based investors, it will build its second corn-based ethanol plant in Brazil’s top grains-producing state of Mato Grosso. FS Bioenergia, the first venture to build a 100 percent corn-based ethanol plant in Brazil – where basically all ethanol is made from sugar cane – said it will spend 1 billion reais ($308 million) on the project. The announcement reinforces an investment trend in Brazil’s center-west region toward corn-based ethanol production capacity, as low corn prices in the area and rising ethanol demand in the country attract investors.