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Sustainable Aviation Fuel

SGP BioEnergy secures a GEM commitment

SGP BioEnergy secures a GEM commitment
At the signing on October 5, 2023, Thomas Elzinga (left), Randy Delbert Letang, Christopher Brown, Mariano Rivera, and Nicolas Barquin (photo courtesy Business Wire).

SGP BioEnergy Holdings LLC, developer of the Biorefineria Ciudad Dorada (Golden City Biorefinery) in Colón, Panama has announced that it has secured a US$250 million equity commitment from Luxembourg-headed Global Emerging Markets (GEM), a European private alternative investment group, to support the development of its Golden City Biorefinery project and lay the groundwork for SGP’s Zero-Waste Ecosystem.

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The Golden City Biorefinery project is poised to become one of the largest advanced biorefineries on the planet and will “revolutionize development” in the advanced biofuels sector.

Situated at the Panama Canal, at full operational capacity, the biorefinery will produce up to 180,000 barrels of renewable fuels daily and generate up to 405,000 tonnes of green hydrogen annually – with immediate access to more than 1,900 international ports.

Aligned with all SDGs

As a part of SGP’s Zero-Waste Ecosystem platform, the Golden City Biorefinery project aims to achieve all 17 United Nations Sustainable Development Goals (SDGs).

SGP’s forward-thinking model combines Profit, Access, and Impact for All, laying a robust foundation for global biofuel ecosystems. GEM’s US$250 million equity commitment can be drawn upon following SGP’s public listing.

Securing this commitment of equity of this scale is one of many financing milestones necessary to accelerate our journey towards meeting the policy pledges of the United Nations by delivering on the implementation necessary to meet these mandates, commented Randy Delbert Letang, CEO of SGP BioEnergy.

In addition to its equity commitment to SGP, GEM is actively focused on identifying and funding potential synergistic partners who can support the development of the biorefinery.

The Golden City Biorefinery is a project that embodies the essence of a Culture of Peace and is set to create over 3 million living-wage jobs.

The project aligns economic impact with industrial growth, promotes environmental sustainability, and supports peaceful coexistence with nature and nations.

This project will have a resounding impact, not just in Panama, but globally, emphasized Mariano Rivera, Equity Investor and Hall of Fame New York Yankees Pitcher.

A landmark agreement with LFRI

The announcement follows on the heels of the signing of a groundbreaking definitive agreement between SGP BioEnergy and Latino Farmers and Ranchers International (LFRI) during the 78thsession of the United Nations General Assembly.

The parties committed to developing a minimum of 10 million acres of industrial hemp for SGP’s biorefinery and biomanufacturing efforts.

LFRI represents Latino farmers, ranchers, and producers throughout the US and manages over 32 million acres of production.

Phase one on track

According to SGP, facility development is on schedule for Phase 1 production to begin in early 2027.

Once fully operational, the biorefinery will produce up to 180,000 barrels per day (2.6 billion US gallons or approximately 9.84 billion litres per year) of sustainable aviation fuel (SAF), renewable diesel (HVO), and up to 405,000 tonnes of green hydrogen annually.

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