Abu Dhabi’s Mubadala Capital intends to invest about $13.5bn on a major biofuels project in Brazil over the next decade, under broader plans for the country that include the creation of a new stock exchange.
The asset management arm of the Emirati sovereign wealth fund is increasing its bets on Latin America’s largest economy, where its holdings span metro lines and medical universities to a majority stake in the local owner of the Burger King brand — alongside Donald Trump’s son-in-law, Jared Kushner.
In an interview with the Financial Times, Mubadala Capital’s head of Brazil revealed for the first time the full budget of its flagship scheme to produce renewable diesel and “sustainable” aviation kerosene mainly using non-food plant matter.
The large-scale development by its energy company, Acelen, will comprise five $2.7bn “modules”, with the first due to begin production by the end of 2026. Each will consist of a new biorefinery with capacity to process 20,000 barrels of fuel per day, associated infrastructure and planted areas to grow the input crop.
“It’s all about feedstock [which] in reality is agriculture. And Brazil is probably the best-placed country on the planet when it comes to agricultural proficiency because of the climate and the fertile soil,” said Oscar Fahlgren. “Brazil is to agriculture what Abu Dhabi is to oil.”
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