SGP BioEnergy wins $250 million private equity backing for Panama Canal biorefinery

New York-based SGP BioEnergy has secured $250 million in new funding for its Golden City Biorefinery project in the Panama Canal.

PHOTO: SGP BioEnergy recently announced a $250 million capital commitment from Global Emerging Markets. Business Wire

The funding is being provided by European private equity firm Global Emerging Markets (GEM) Group. SGP can draw on the funds after it completes a public listing, for which it did not disclose a timeline.

SGP did not give details on how much stock ownership GEM would receive in exchange for the commitment.

SGP is targeting to produce up to 180,000 bbl/day of biofuels - mostly sustainable aviation fuel - and up to 405,000 mt/year of green hydrogen at the Golden City refinery.

The first phase of construction of the project is on schedule and is planned to be completed in early 2027, SGP says.

By Debarati Bhattacharjee

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