Repsol invests $300m into Bunge to up its biofuel feedstock capacity

Global multi-energy company Repsol has acquired 40% of three of oilseed and speciality plant-based products producer Bunge’s industrial facilities in an effort to maximise its biofuel feedstock capacity. The total transaction is worth $300 million, with up to an additional $40 million in contingency payments. ‘Through this alliance, Repsol increases its access to a broad portfolio of low-carbon raw materials to produce renewable fuels, which provide an immediate route to accelerate the reduction of emissions from transportation,’ said the company in a statement. It plans to increase its current production capacity of 1.1 million tons of renewable fuel a year to 1.7 million tons in 2027. The three plants now part-owned by Repsol include facilities in Bilbao, Barcelona and Cartagena, close to Repsol’s industrial complexes. ‘Under this alliance, both companies plan to explore other areas of cooperation and project development to increase the potential availability of non-food oils and fats for the renewable fuels market,’ adds Repsol.