By Brazil Stock Guide – Acelen Industrial has started a R$ 422.6 million local debenture offering to help finance the development of its renewable fuels project in Bahia, adding a domestic capital-markets layer to one of Brazil’s most ambitious sustainable aviation fuel ventures.
The issuance involves 422,611 secured, non-convertible debentures, structured in 13 series and targeted exclusively at professional investors. The offering was registered automatically with Brazil’s securities regulator, the CVM, without prior review, and financial settlement is expected on June 15.
The proceeds are tied to the development, construction, implementation, commissioning, operation and maintenance of Acelen’s biorefinery and related facilities in São Francisco do Conde, within the industrial complex connected to the Mataripe Refinery. The plant is expected to process vegetable oils and animal fats into sustainable aviation fuel, known as SAF, and renewable diesel.
The local issuance forms part of a broader financing and guarantee package of more than $1.1 billion previously structured by Acelen for the project. That package includes development lenders, commercial banks, debentures, letters of credit and liquidity support lines, underscoring the project-finance nature of the transaction.
For Acelen, controlled by Mubadala Capital, the deal reinforces Mataripe’s role as more than a traditional refining asset. The former Petrobras refinery is being used as the industrial base for a larger energy-transition platform, combining existing infrastructure with a new push into SAF and renewable diesel.
The transaction also shows how Brazil’s low-carbon fuel ambitions are moving from policy and corporate presentation decks into the capital markets. In Acelen’s case, the transition requires not only agricultural feedstock and refining technology, but long-term creditors, guarantees and financial engineering.