Bunge to supply Acelen 1.5 million tonnes of certified soybean oil for Bahia biorefinery
Bunge has signed a five-year contract to deliver 1.5 million tonnes of certified soybean oil to Acelen Renováveis, a Mubadala Capital company. Deliveries begin in 2029 and will feed a biorefinery Acelen is building in Bahia for more than US$3 billion. Forbes Brazil describes it as South America's largest soybean oil contract.
A record feedstock contract for Brazilian biofuels
Bunge has signed a contract to supply certified soybean oil to Acelen Renováveis, the renewable-fuels company controlled by Mubadala Capital. According to Forbes Brazil, the five-year agreement covers the delivery of 1.5 million tonnes of certified soybean oil starting in 2029, and the outlet describes it as the largest soybean oil contract in South America.
The volume will supply the biorefinery Acelen is building in the state of Bahia. Globo Rural reports that Acelen is investing more than US$3 billion in the plant, tying one of Brazil's largest agricultural commodity flows directly to domestic biofuel production.
What the deal covers
- Supplier: Bunge
- Buyer: Acelen Renováveis, controlled by Mubadala Capital
- Volume: 1.5 million tonnes of certified soybean oil
- Term: five years
- Start of deliveries: 2029
- Destination: Acelen's biorefinery in Bahia
- Plant investment: more than US$3 billion
Why certified soybean oil matters
The contract specifies certified soybean oil, the feedstock category required for renewable fuels that must document their origin and sustainability credentials. For a biorefinery of this scale, securing a multi-year supply of certified oil is central to guaranteeing steady production once the plant comes online.
By committing 1.5 million tonnes over five years, Acelen locks in a large share of its feedstock needs well before the 2029 start date. For Bunge, the agreement converts part of its soybean crushing output into a long-term, contracted offtake instead of relying solely on spot and export sales.
A shift in where Brazilian soybean oil goes
Brazil is one of the world's leading soybean producers, and much of its soybean oil has traditionally moved into food use and export channels. A dedicated biorefinery contract of this size signals that a growing volume of domestic soybean oil is being directed toward biofuel feedstock rather than the export market.
For importers of Brazilian soybean oil, a long-term commitment of 1.5 million tonnes to a single domestic buyer marks volume that will not be available for export over the contract period. For the domestic crushing industry, the deal points to firmer demand as biofuel capacity expands in Bahia.
Timeline and open questions
Deliveries are set to begin in 2029, which aligns the supply commitment with the expected start-up of the Bahia plant. The sources do not disclose pricing terms, the fuels the biorefinery will produce, or the sourcing regions for the soybeans behind the certified oil. Those details will shape how much the contract reshapes Brazilian soybean oil trade flows in practice.
What is confirmed is the scale: a five-year, 1.5-million-tonne certified soybean oil supply agreement between Bunge and Acelen Renováveis, feeding a Bahia biorefinery backed by more than US$3 billion in investment from a Mubadala Capital company.
