EIB supporting Galp’s biofuels project at Sines Refinery - The EIB is providing €250M towards Galp’s €400 million biofuels project at the Sines Refinery.

The European Investment Bank (EIB) is providing €250 million towards Galp’s €400 million biofuels project at the Sines Refinery.
As previously reported by Bunkerspot, the Portuguese energy company took the final investment decision (FID) on the project, which will use waste residues to produce hydrotreated vegetable oil (HVO) and sustainable aviation fuel (SAF), in 2023.

The unit, a joint venture with Mitsui, is set to begin production in 2026. It will have the capacity to produce up to 270,000 tonnes of renewable fuels.

In addition to the biofuels project, Galp is also building a 100MW electrolyser at the same site - a €250 million investment of which the EIB will finance €180 million. It is set to produce up to 15,000 tons of renewable hydrogen per year when it goes online next year, becoming one of the first operational units of its size in Europe.