ESG Post

In Brief

EIB to loan €285M for biofuels plant in Spain

The European Investment Bank (EIB) has signed a €285 million ($305 million) loan agreement with Spanish company Cepsa for the construction of an advanced biofuels plant to be located next to the ¨La Rábida Energy Park¨ in Andalusia, Spain.

Cepsa, in collaboration with Bio-Oils, will build the plant to produce sustainable aviation fuel (SAF) and renewable diesel (HVO) from organic waste, such as used cooking oil and agricultural waste, promoting a circular economy. The facility, once operational, is expected to process up to 600,000 tonnes of waste and produce up to 500,000 tonnes of second-generation biofuels annually. These biofuels will cater to industries including aviation, maritime transport, and heavy-duty road transport, providing an immediate solution to reduce CO2 emissions without requiring modifications to existing engines, addressing the challenges of decarbonisation and electrification