Entity

Acelen petrol station in Brazil | Source: Acelen corporate website

Acelen is a Brazilian energy company created by Mubadala Capital, the asset management subsidiary of Abu Dhabi's sovereign wealth fund, Mubadala Investment Company. The company was established in 2021 following Mubadala Capital's acquisition of Petrobras' Landulpho Alves Refinery — now rebranded as the Mataripe Refinery — for USD 1.65 billion. Mubadala has been present in Brazil since 2012, positioning Acelen as a key downstream energy vehicle in its Latin American portfolio.

Core Asset: Mataripe Refinery

Acelen's flagship asset is the Mataripe Refinery, located in Bahia, northeast Brazil. With a processing capacity of approximately 300,000 barrels per day (bpd), it represents 14% of Brazil's total refining capacity and supplies over 42% of fuel needs in the Northeast region. The refinery has over 70 years of operating history and produces more than 31 products spanning mobility, transportation, pharmaceuticals, and the broader petrochemical chain.

Renewable Energy Pivot

Acelen has strategically positioned itself at the intersection of conventional refining and the energy transition. In 2023, the company signed an MoU with the Government of Bahia to invest over BRL 12 billion (~USD 2.4 billion) over 10 years in renewable fuels production, targeting renewable diesel and Sustainable Aviation Fuel (SAF).

Acelen Renewables

A dedicated subsidiary, Acelen Renováveis, was launched at COP28 in Dubai (2023) to accelerate renewable fuel production. The unit is developing a landmark USD 3 billion "seed to fuel" integrated project to produce:

• SAF (Sustainable Aviation Fuel) — up to 1 billion litres/year

• HVO (Hydrotreated Vegetable Oil / Renewable Diesel)

The feedstock is macaúba, a native Brazilian palm that thrives on degraded land, requires little water, and does not compete with food crops or threaten biodiversity. The IFC (International Finance Corporation) is also considering a loan of up to USD 250 million to support the SAF project.

Key Financials & Scale

Mubadala Connection

Acelen is wholly owned through Mubadala Capital and represents one of Mubadala's most prominent downstream/energy transition investments outside the Middle East. It aligns with Mubadala's broader strategy of diversifying into clean energy while leveraging existing fossil fuel infrastructure — a model seen across several Mubadala portfolio companies including Borouge (petrochemicals) and various renewables ventures.