EIB agrees with Repsol to offer finance for biofuels plant

The European Investment Bank (EIB) is providing a €120 million loan to Repsol to support the construction and operation of the first advanced biofuels production plant at the company’s facilities in Cartagena, Spain.

The plant will produce second generation and advanced biofuels from different types of waste primarily from the agri-food industry, such as used cooking oils.

Construction work began in March this year and is scheduled for completion in the second half of 2023.

The production plant will be located within the premises of Repsol’s industrial complex in Cartagena, Region of Murcia – an EU cohesion region.

The plant will process 300,000 tons per annum (tpa) of lipidic residues for the production of up to 250,000 tpa of 2nd generation or/and advanced biofuels for the transport sector.

EIB vice president Ricardo Mourinho Félix said: “The EIB is committed to financing green transformation, the use of alternative energy sources and innovative research programs across Europe.

This innovative plant will contribute to the development of low carbon fuels to be used in hard to decarbonise and hard to electrify sectors.

The project is fully aligned with the European Green Deal and the Fit for 55 package and will support energy security by lowering EU dependency from fossil fuel imports.

Repsol’s decarbonisation path earmarked €6.5 billion to low-carbon initiatives in 2021-2025.