Multilateral Money Lands on Brazil's SAF Ambitions

AIIB commits $58M to Acelen Renewables for a HEFA biorefinery in Bahia, Brazil, targeting SAF and renewable diesel output from 2028

15 Jun 2026

Brazil's ambitions in sustainable aviation fuel moved closer to reality on June 9, 2026, when the Asian Infrastructure Investment Bank committed $58 million to Acelen Renewables, backing a large-scale biorefinery in Bahia state. Production is scheduled to begin in 2028. The deal stands among South America's most significant clean fuel financing agreements to date.

Rated at 20,000 barrels per day, the hydroprocessed esters and fatty acids facility will convert soybean oil, used cooking oil, and waste feedstocks into SAF and renewable diesel, known as HVO. Drawing on multiple feedstock sources reduces exposure to disruptions in any single agricultural supply chain. Finished fuels are destined for both domestic and international markets.

For multilateral lenders, the commitment reflects a broader shift in development finance toward low-carbon energy infrastructure in emerging economies, where private capital has historically moved slowly. Mubadala Capital is also tied to the Acelen Renewables enterprise, pairing development-bank lending with sovereign-backed institutional support, a financing structure now appearing more frequently in global SAF deals.

Beyond fuel output, the project addresses a narrower industrial priority. Bahia's refinery sector has seen limited job creation in recent years, and analysts suggest the facility could provide meaningful employment alongside a direct pathway for Brazilian airlines to satisfy tightening decarbonization mandates. Renewable diesel output further positions the plant to serve road and marine customers, diversifying revenue well before first flight.

With construction now able to proceed at pace, the $58 million commitment replaces planning-stage uncertainty with a credible capital foundation. Projects of this scale, anchored by multilateral lenders, have historically attracted private co-investment as early milestones are reached. Brazil's expanding biorefinery capacity could shape the global SAF supply picture through the next decade.