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Mubadala Invests $2.5bn In Brazilian Renewable Fuel | |
| Sumita Pawar |
A report says Abu Dhabi-based Mubadala Capital's energy company, Acelen, is planning to invest $2.5 billion over the next decade to produce renewable diesel and sustainable aviation kerosene in Bahia, northeastern Brazil.
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It highlighted that the project will generate one billion litres of clean fuels each year, reduce carbon emissions by up to 80%, inject $17.3bn into the Brazilian economy, and create 90,000 jobs.
"We will produce sustainable fuel on a global scale, including Brazil in the development of the international sustainable chain," said Luiz de Mendonca, CEO of Acelen.
"This endeavour in renewable fuels will be Acelen’s first." "There is therefore space for us to expand globally in this industry."
"Acelen will be prepared to act in the domestic market as well," Mr. de Mendonca continued, "if Brazil moves forward with discussions regarding incentive policies for the production and consumption of renewable fuels in the country that are already under way."
Acelen will target the foreign market initially, where it expects more demand, but will be ready to act in the domestic market if Brazil incentivizes the production and consumption of renewable fuels.
The project is part of Mubadala Capital's mission to play a leading role in the energy transition by implementing a unique and transformative project.