Giant arrives in Brazil with R$ 7.5 billion on the table to build a R$ 15 billion mega refinery and produce 1 billion liters per year

Written by Romário Pereira de Carvalho

Published on 21/05/2026 at 20:52

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Biofuel refinery in São Francisco do Conde will have a budget of US$ 3 billion, macaúba cultivation and expected production of 1 billion liters per year

Acelen Renováveis, controlled by the Arab fund Mubadala Capital, received US$ 1.5 billion, about R$ 7.5 billion, to start the construction of a biofuel refinery in Bahia. The project, expected to operate in 2029, aims to produce up to 1 billion liters per year of sustainable aviation fuel and renewable diesel.

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Biofuel refinery will have a total budget of US$ 3 billion

The investment announced this Thursday (21) marks the beginning of the implementation of an industrial complex focused on the production of advanced biofuels. The total budget of the project is estimated at around US$ 3 billion, equivalent to R$ 15 billion.

The refinery will be installed in São Francisco do Conde, in Bahia, a state where Acelen already operates the Mataripe Refinery. The Mataripe unit is pointed out by the company as its first relevant asset and as the second largest refinery in the country, in operation for over 70 years.

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Financing involves consortium with 10 institutions

Part of the investment will be financed by a consortium of 10 institutions, led by HSBC and IFC, the International Finance Corporation of the World Bank, according to information from Estadão.

The group includes BNDES, First Abu Dhabi Bank, Abu Dhabi Commercial Bank, BID Invest, Asian Infrastructure Investment Bank, FinDev Canada, KfW IPEX-Bank, Bradesco, BBVA, and Bank of China.

The composition of the financing shows the financial scale of the project and the participation of national, international banks, and development institutions in structuring the refinery.

Giant arrives in Brazil with R$ 7.5 billion on the table to build mega-refinery of R$ 15 billion and produce 1 billion liters per year — Acelen’s biorefinery under construction in Bahia — Photo: Disclosure

Macaúba will be raw material for sustainable fuel

The project includes the cultivation of macaúba, a palm tree that produces fruits rich in oils. These oils will be used as raw material in the production of biofuels.

Acelen Renováveis was launched in 2023, during COP 28, with the aim of accelerating the global energy transition and bringing a new source of raw material, macaúba, to the market.

The complex is expected to adopt HEFA technology, an acronym for Hydroprocessed Esters and Fatty Acids. This technology is described in the material as the most established for the production of advanced biofuels.

Operation scheduled for 2029 targets aviation and renewable diesel

The expectation is that the refinery will begin operations in 2029. Once operational, the unit could produce up to 1 billion liters per year of sustainable aviation fuel and renewable diesel.

In a statement obtained by Estadão Conteúdo, Leonardo Yamamoto, partner at Mubadala Capital, stated that Brazil has unique conditions to lead the global energy transition, combining agricultural scale, industrial excellence, and one of the cleanest energy matrices in the world.

He also declared that Mubadala Capital believes in Brazil’s potential to develop renewable fuels on a large scale and is committed to participating in this journey.

This article was prepared based on information from Estadão Conteúdo and Acelen, with data, numbers, and statements preserved as per the consulted material.

This article includes data from the ND Mais portal and other sources.

Giant arrives in Brazil with R$ 7.5 billion on the table to build a R$ 15 billion mega refinery and produce 1 billion liters per year

Biofuel refinery in São Francisco do Conde will have a budget of US$ 3 billion, macaúba cultivation and expected production of 1 billion liters per year

Biofuel refinery will have a total budget of US$ 3 billion

Financing involves consortium with 10 institutions

Macaúba will be raw material for sustainable fuel

Operation scheduled for 2029 targets aviation and renewable diesel

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Giant arrives in Brazil with R$ 7.5 billion on the table to build a R$ 15 billion mega refinery and produce 1 billion liters per year

Biofuel refinery in São Francisco do Conde will have a budget of US$ 3 billion, macaúba cultivation and expected production of 1 billion liters per year

Biofuel refinery will have a total budget of US$ 3 billion

Financing involves consortium with 10 institutions

Macaúba will be raw material for sustainable fuel

Operation scheduled for 2029 targets aviation and renewable diesel

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