Repsol and EIB signal €120m mortgage deal to finance biofuels plant in Spain – Biofuels Worldwide Journal

The European Funding Financial institution (EIB) is offering a €120 million mortgage to Repsol to assist the development and operation of the primary superior biofuels manufacturing plant on the firm’s amenities in Cartagena, Spain.

The plant will produce second era and superior biofuels from several types of waste primarily from the agri-food business, comparable to used cooking oils.

Building work started in March this yr and is scheduled for completion within the second half of 2023.

The manufacturing plant might be positioned inside the premises of Repsol’s industrial advanced in Cartagena, Area of Murcia – an EU cohesion area.

The plant will course of 300,000 tons every year (tpa) of lipidic residues for the manufacturing of as much as 250,000 tpa of 2nd era or/and superior biofuels for the transport sector.

EIB vice chairman Ricardo Mourinho Félix mentioned: “The EIB is dedicated to financing inexperienced transformation, using different vitality sources and modern analysis packages throughout Europe.

“The EIB mortgage contributes to Repsol’s technique to rework its enterprise mannequin and to its decarbonisation technique. We’re happy to be collaborating with corporations comparable to Repsol that are taking steps in direction of decarbonising enterprise exercise and strengthening resilience to local weather change.”

Repsol’s CFO, Antonio Lorenzo added: “We’re proud to be the primary firm within the sector to acquire this kind of financing, which is a results of our dedication to execute ground-breaking tasks in assist of a fast, efficient and simply vitality transition.”

This modern plant will contribute to the event of low carbon fuels for use in laborious to decarbonise and laborious to affect sectors.

The challenge is absolutely aligned with the European Inexperienced Deal and the Match for 55 bundle and can assist vitality safety by decreasing EU dependency from fossil gasoline imports.

Repsol’s decarbonisation path earmarked €6.5 billion to low-carbon initiatives in 2021-2025 (35% of complete funding).