FinDev Canada commits USD$58 million to Acelen Renewables
- FinDev Canada
- 4 hours ago
- 2 min read
Canada’s bilateral development finance institution (DFI), FinDev Canada, announced July 15 a USD$58 million loan to Acelen Renewables based in Bahia, Brazil.
The financing will support the construction and operation of a biorefinery that will utilize hydroprocessed esters and fatty acids (HEFA) technology.
FinDev Canada’s loan is part of a USD$854 million construction facility that includes DFI and commercial lenders such as International Finance Corp., IDB Invest, Kreditanstalt für Wiederaufbau, Asian Infrastructure Investment Bank, Brazilian Development Bank, Banco Bilbao Vizcaya Argentaria, Abu Dhabi Bank and Bradesco.
The project will create significant production capacity for renewable diesel and sustainable aviation fuel (SAF), a practical and scalable pathway for decarbonizing the hard-to-abate aviation sector.
The biorefinery is designed to achieve exceptionally low production costs—strengthening global competitiveness and accelerating SAF adoption.
As a result, the project positions Brazil as a key supplier in the global transition to low-carbon aviation, helping expand SAF, which is critical given the sector’s limited alternatives.
SAF can reduce aviation emissions by up to 80 percent, supporting climate mitigation and net-zero objectives.
This project contributes to economic development in Brazil by creating over 3,500 temporary construction jobs and supporting over 200 permanent operational positions.
Acelen Renewables is the energy company of Mubadala Capital.
Mubadala Capital is a global sovereign investor led by the government of Abu Dhabi and the owner of Brazil’s second-largest oil refinery.
“This flagship project strengthens climate-mitigation efforts and promotes economic growth by scaling SAF for global markets,” said Paulo Martelli, the vice president and chief investment officer for FinDev Canada. “It also reinforces Canada’s relationship with its most important South American trading partner and helps address limited domestic SAF supply as Canadian carriers continue to rely on imports.”
Luiz de Mendonça, the CEO of Acelen Renewables, said, “FinDev Canada’s support is another important recognition of the relevance of our project to the global energy transition. In addition to expanding the supply of renewable fuels for aviation, this initiative drives economic development in Bahia, creates jobs and strengthens Brazil’s role as a leader in the production of low-carbon solutions.”
