BBVA has acted as Coordinating Lead Arranger in a USD 1.5 billion financing package for Acelen Renewables, backing the development of a major renewable fuels facility in Brazil.
The initiative is one of the most prominent Sustainable Aviation Fuel (SAF) and Hydrotreated Vegetable Oil (HVO) developments in Latin America, marking BBVA’s first global transaction within this sector. Led by Acelen Renewables—a company backed by Mubadala Capital—the project involves the construction of a production plant with an approximate capacity of 20,000 barrels per day.
The transaction represents one of the largest sustainable fuel financing deals in Latin America. It was structured under a blended finance framework, combining contributions from international commercial banks and development finance institutions (DFIs) to mobilize capital into high-impact energy transition infrastructure.
The upcoming plant will primarily target the European and US markets, providing scalable volumes of SAF to support decarbonisation in air transport.
Carlos López Rabadán, Managing Director and Head of Project Finance South America at BBVA, highlighted the strategic importance of the deal, stating: “This transaction represents a significant step for BBVA in advancing its commitment to the energy transition within an emerging market such as SAF. Beyond its scale, the project reinforces SAF as a key lever for the decarbonisation of air transport and helps position Brazil as a market with significant potential in sustainable fuels. Our participation underscores the bank’s ability to structure highly complex financial solutions and to support our clients in projects with long-term impact.”
Luiz de Mendonça, CEO of Acelen Renewables, acknowledged the partnership, adding: “BBVA has been a key strategic partner in structuring and enabling this financing, demonstrating deep commitment to the project and to the advancement of sustainable finance. Together, we are advancing one of the most relevant initiatives for the future of aviation and contributing meaningfully to the acceleration of the global energy transition. This is a milestone for Acelen Renewables, for Brazil, and for the development of sustainable fuels at a global scale.”
Through this transaction, BBVA expands its portfolio in sustainable infrastructure and cleantech financing while diversifying its clean energy operations into new technological segments essential to the global energy transition.
