Macquarie Asset Management is to invest €175m in SkyNRG to support the growth of sustainable aviation fuels (SAF).
The investment, being made via the Macquarie GIG Energy Transition Solutions (MGETS) fund, will support SkyNRG through the development and operation of SAF production facilities.
By 2030 SkyNRG aims to build its dedicated SAF facilities in Europe and the US, in cooperation with strategic offtake partners. To date, SkyNRG has secured partnerships with, among others, KLM Royal Dutch Airlines and Boeing with envisaged long-term commitments of up to €4bn in SAF purchases, Macquarie sources said.
Mark Dooley, global head of Macquarie’s green investments, said: “We have a track record for backing businesses working at the forefront of the energy transition. This is an exciting milestone for us, as our first SAF investment. SkyNRG has been a pioneer in SAF, with an entrepreneurial spirit and a strong commercial focus.
”We look forward to collaborating with the SkyNRG team as they grow their business and advance solutions to decarbonise the aviation industry.”
Philippe Lacamp, CEO of SkyNRG, said: “It is critical that SAF production capacity is developed now to enable the aviation industry to meet its net zero goals. We are very proud that Macquarie has made this strategic investment in our business and are confident that they, with the ongoing support of our existing shareholders, will provide us with the resources and expertise we need to accelerate our growth journey towards becoming a major player in the SAF industry.”
This transaction follows a series of investments by Macquarie Asset Management in emerging green technologies across Europe, including green hydrogen and biomethane producers HyCC and VORN Bioenergy.
Meanwhile, IFM Investors and Australian agribusiness and processing company GrainCorp are to undertake feasibility studies with the aim of producing an initial targeted 720,000mt of sustainable fuel annually in Australia.
Their feasibility studies will include looking at the possibility of setting up a refining facility to produce SAF from long-term domestic feedstock supply including waste and residues, crop-based oils, and bio-organics, the companies said.
Florence Chong contributed to this article
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