By Brazil Stock Guide – Mubadala aims to select a partner by the end of this year for Acelen Renewables, its $3 billion biofuels project in Brazil, according to COO Marcelo Cordaro, as reported by Broadcast/Estadão. Petrobras (B3: PETR4; NYSE: PBR) remains among the potential investors, though no final decision has been made, Cordaro said during the Brazil–France Economic Forum in Rio de Janeiro.
The first Acelen plant, set to start up in 2028, will produce biofuels from soy and used cooking oil, both domestic and imported. From 2030, the project will begin using macaúba oil, aiming to reach 1 billion liters of sustainable aviation fuel (SAF) per year — roughly 15% of Brazil’s demand. Mubadala plans to invest $1 billion in the biorefinery and $2 billion in developing macaúba crops across 180,000 hectares in Minas Gerais and Bahia.
Cordaro said part of the output will be exported to Europe, the U.S., and Asia, given the scale of the operation. Acelen, controlled by Mubadala Capital, operates the Mataripe refinery in Bahia and is expanding into renewables as a core pillar of its energy transition strategy.
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