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19

Mar

EIB finances Galp’s Renewable Hydrogen and Biofuels projects in Sines with €430 million

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The European Investment Bank (EIB) has granted a €430 m loan for the construction of two key projects aimed at transforming Galp’s Sines Refinery, making a crucial contribution for the decarbonization of heavy-duty road transport and aviation.

Galp is developing the Biofuels unit, already at a construction stage, in partnership with Japan’s Mitsui, as part of a total €400 m investment, of which €250 m is provided by the EIB. This unit will convert vegetable oils and residual fats into sustainable aviation fuel (SAF) and renewable diesel of biological origin (HVO) with identical characteristics to the fossil-based fuels used in regular combustion engines.

Read the full article here.