SGP BioEnergy (“SGP”) recently announced a $250 million capital commitment from Global Emerging Markets (GEM), a private European alternative investment group. This is to aid the development of the Ciudad Dorada Biorefinery in Colón, Panama, and to lay the foundation for the SGP Zero Waste Ecosystem transformer.
Industry sources added that this announcement comes after SGP and the Latino Farmers and Ranchers International (LFRI) organization signed a groundbreaking definitive agreement during the 78th Session of the General Assembly of the United Nations, in which SGP and LFRI committed to developing a minimum of 10 million acres of industrial hemp for SGP’s biorefinery and biomanufacturing efforts. Latinos Farmers and Ranchers International (LFRI) represents Latino farmers, ranchers, and producers throughout the United States and manages more than 32 million acres of production.
Industry sources added that the Ciudad Dorada Biorefinery is destined to become one of the largest advanced biorefineries on the planet and will revolutionize the development of the advanced biofuels sector. Located in the Panama Canal, the biorefinery will produce up to 180,000 barrels per day and generate up to 405,000 metric tons of green hydrogen per year, with immediate access to more than 1,900 international ports.
As part of SGP’s Zero Waste Ecosystem platform, the Ciudad Dorada Biorefinery project aims to achieve the 17 United Nations Sustainable Development Goals (SDGs). SGP’s cutting-edge model combines benefit, access, and impact for all, laying a solid foundation for global biofuel ecosystems. They also confirmed that GEM’s $250 million equity commitment may be drawn upon following SGP’s public listing.
Randy Delbert Letang, CEO of SGP BioEnergy, strongly stated, “Securing this capital commitment of this scale is one of many funding milestones needed to accelerate our path toward delivering on the United Nations’ political promises through execution.” necessary to fulfill these mandates. In addition to its capital commitment to SGP, GEM is actively focused on identifying and financing potential synergistic partners that can support the development of the biorefinery.
