Acelen Renewables, the Brazilian energy company controlled by Abu Dhabi's Mubadala Investment Company through Mubadala Capital, has secured approximately 1.5 billion US dollars in financing to start construction of its flagship sustainable aviation fuel (SAF) and renewable diesel biorefinery in Bahia state, Brazil (per Hydrocarbon Processing and Zawya).
Where the money is coming from
The financing package is led by HSBC and the International Finance Corporation, the World Bank Group's private-sector arm. The lender group comprises ten financial institutions, including Brazil's national development bank BNDES, First Abu Dhabi Bank, Abu Dhabi Commercial Bank, BID Invest, the Asian Infrastructure Investment Bank, FinDev Canada, KfW IPEX-Bank, Bradesco, BBVA and Bank of China (per ESG News and Construction Review Online).
The project
The biorefinery will be built adjacent to the existing Mataripe Refinery in Bahia, which Acelen already operates. Once commissioned, the facility is expected to produce up to one billion litres per year of sustainable aviation fuel and hydrotreated vegetable oil (HVO) renewable diesel. Start-up is targeted for 2029 (per ESG Today).
Technology and feedstock
The plant will use Hydrotreated Esters and Fatty Acids (HEFA) processing, the most widely deployed pathway for commercial SAF today. Feedstock will combine traditional inputs such as soybean oil and used cooking oil with macauba, a native Brazilian palm whose oilseed Acelen is cultivating as a long-term, lower-carbon feedstock (per Hydrocarbon Processing).
Why this matters for Abu Dhabi
The transaction extends Mubadala's energy-transition portfolio at a moment when global airlines, including Etihad Airways and Emirates, are facing tightening SAF mandates in Europe and elsewhere. Bringing First Abu Dhabi Bank and Abu Dhabi Commercial Bank into the lender syndicate alongside HSBC and IFC reinforces the UAE banking sector's footprint in cross-border green-finance deals tied to Mubadala-backed assets.
Wider context
Acelen Renewables was structured to scale low-carbon liquid fuels in Latin America. The Bahia facility is expected to be one of the largest dedicated SAF and renewable-diesel plants in the southern hemisphere and a key supply source for Brazilian and international airline customers as they move toward 2030 emissions targets (per Rio Times).
