Mubadala to invest $3 billion in a biorefinery in Brazil
In Brazil, EFE reported that Acelen Renováveis, a company controlled by the Emirati sovereign wealth fund Mubadala, announced that it will invest $3 billion in the construction of a biorefinery to produce renewable fuels in Brazil, mainly for aviation.
Acelen announced in a statement that it signed an agreement to obtain an initial loan of $1.5 billion to finance the project from a group of banks led by HSBC and the International Finance Corporation (IFC), an entity linked to the World Bank.
The biorefinery, which will use soybean and cocoyol oils as raw materials, will have the capacity to produce up to 1 billion liters of plant-based fuels per year and is expected to begin operations in 2029.
The plant to be built in São Francisco do Conde, a municipality in the state of Bahia, in northeastern Brazil, will specifically produce sustainable aviation fuel and renewable diesel (HVO).
Category: SAF
