Restricted cash

6 Months Ended

Jun. 30, 2026

9. Restricted cash

As of June 30, 2026 and December 31, 2025, restricted cash consisted of the following:


	June 30, 2026		December 31, 2025
Cash restricted under the terms of loan agreements	$	299,634	$	90,105
Collateral for letters of credit and performance bonds	39,322		40,384

Total restricted cash	$	338,956	$	130,489

Uses of cash proceeds under BNDES Term Loan and PortoCem Debentures (see Note 16) are restricted to certain payments to construct the Company's power plants in Brazil. In addition, cash proceeds from the New Brazil Notes (as defined in Note 16) are restricted for certain uses as described in the indenture.