Acelen secures over $1bn for SAF plant in Brazil

Brazilian energy company Acelen has closed a financing package worth more than $1.1bn to build a biorefinery in Bahia that will produce sustainable aviation fuel (SAF) and renewable diesel.

The funding brings together a mix of development lenders, commercial banks and local debt instruments. The core $830mi comes from institutions including IDB Invest, IFC, FinDev Canada, AIIB, and BNDES, alongside $310m from commercial banks. The package is rounded out by local debentures, letters of credit, and liquidity support lines.

The plant will be built in São Francisco do Conde, next to the Mataripe Refinery – Brazil’s second largest – and will process 20,000bpd of vegetable oils and animal fats. Once operational, it is expected to be one of the largest facilities of its kind in Latin America.

Acelen, which is controlled by Abu Dhabi’s Mubadala Capital, has been transforming Mataripe into a broader energy platform since acquiring it from Petrobras. The refinery posted EBITDA of $504m in 2025 and the company has invested around $4bn in upgrades since 2021.

IDB Invest, which is contributing $109m of the financing, said the project will also support rural development by helping integrate smallholder farmers into bioenergy supply chains.