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Montreal (Quebec), 15 July 2026 – Canada’s bilateral development finance institution (DFI), FinDev Canada, announces a USD 58 million loan to Acelen Renewables based in Bahia, Brazil. The financing will support the construction and operation of a biorefinery which utilizes Hydroprocessed Esters and Fatty Acids (HEFA) technology.
FinDev Canada’s loan is part of a USD 854 million construction facility which includes DFI and commercial lenders, such as International Finance Corporation (IFC), IDB Invest, Kreditanstalt für Wiederaufbau, Asian Infrastructure Investment Bank (AIIB), Brazilian Development Bank, Banco Bilbao Vizcaya Argentaria, S.A., Abu Dhabi Bank, and Bradesco.
The project will create significant production capacity for Sustainable Aviation Fuel (SAF) and Renewable Diesel (RD), 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.
SAFs can reduce aviation emissions by up to 80%, 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 Renewable Energy 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. 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,” said Paulo Martelli, VP and Chief Investment Officer, FinDev Canada.
"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," said Luiz de Mendonça, CEO of Acelen Renewables.
About FinDev Canada
FinDev Canada is a development finance institution that invests in emerging markets to deliver development impact, financial returns, and shared economic prosperity. We provide debt, equity, blended finance, technical assistance, and advisory across infrastructure, agribusiness, and the financial industry in developing economies—to support development through the private sector. Find out more about FinDev Canada at www.findevcanada.ca.
About Acelen Renewables
Acelen Renewables is a renewable energy company of Mubadala Capital, a global alternative asset management firm headquartered in Abu Dhabi, United Arab Emirates, established to actively contribute to the global energy transition. The company operates independently from Acelen's Mataripe Refinery and is developing an integrated ecosystem for the production of renewable fuels in Brazil, combining agricultural innovation, industrial technology, and the decarbonization of mobility and aviation. Learn more at acelenrenovaveis.com
Media Contact
FinDev Canada: Media@findevcanada.ca