The European Investment Bank (EIB) has granted Portuguese petroleum company Galp Energia a total of €430M (US$469M) to finance two key projects at its Sines Refinery.
Developed in partnership with Japanese firm Mitsui, the 270,000 tonnes/year biofuels plant would produce sustainable aviation fuel (SAF) and hydrotreated vegetable oil (HVO) from vegetable oils and waste fats, Galp said on 27 February.
The biofuels plant involved an investment of €400M (US$436M), of which €250M (US$273M) was financed by the EIB, the company said.
In addition to the 270,000 tonnes/year facility, a 100MW electrolyser was under construction on the same site, financed with €180M (US$196M) by the EIB, which would produce up to 15,000 tonnes/year of renewable hydrogen.
“By supporting the production of advanced biofuels and renewable hydrogen, we are contributing to a more energy-independent Europe that is aligned with global climate goals,” EIB head of EU Lending and Advisory Jean-Christophe Laloux said.
Lisbon-headquartered Galp said the two projects supported the goal of climate neutrality by 2050, in line with the European Green Deal, and strengthened the EU’s energy independence as outlined in the REPowerEU plan.
The Galp Group has four business units: Upstream; Industrial & Energy Management; Commercial and Renewables and New Businesses.
