Abu Dhabi-based Acelen is all set to invest more than 12 billion Brazilian real ($2.4 billion) to help accelerate the energy transition in Brazil.
Acelen is Mubadala Capital's energy company, which will invest the amount over the next 10 years. It plans to produce 1 billion litres of renewable diesel and sustainable aviation kerosene, the company said in a statement.
Acelen is considering starting production in the first quarter of 2026.
It has been informed that initially, the fuels will be processed using soybean oil and other raw materials and will transition to using macaúba oil from a native Brazilian tree and will be sold in global markets.
The latest investment has been seen as a huge step that could position Acelen as one of largest renewable fuel producers globally.
Luiz de Mendonca, Acelen’s chief executive, commented, "We will produce sustainable fuel on a global scale, inserting Brazil in the development of the international sustainable chain. This will be Acelen’s first project in renewable fuels. So there is room for us to grow globally in this sector."
The latest development is followed by the state visit by the Brazilian President Luiz Inácio Lula da Silva to the UAE.
