First commercial-scale SAF facility to secure non-recourse project financing, setting a benchmark for aviation decarbonization funding
Plant will produce 100,000 tonnes of SAF annually with lifecycle emissions reductions expected to exceed 90% over time
Long-term offtake from KLM aligns production with EU aviation climate regulations and strengthens regional green industry
SkyNRG has reached financial close on DSL-01, a greenfield Sustainable Aviation Fuel production facility at the Delfzijl chemical park, shifting the project from development into active construction after seven years of planning and permitting. Once operational, the plant will produce 100,000 tonnes of SAF annually alongside 35,000 tonnes of sustainable by-products including biobased propane, butane, and naphtha.
The facility will rely on the hydroprocessed esters and fatty acids pathway using Topsoe’s HydroFlex technology, positioning it among Europe’s most advanced SAF infrastructure investments. Startup is expected by mid-2028, a timeline that aligns with tightening EU aviation climate requirements and growing corporate demand for low-carbon fuels.
Financing Structure Reflects Market Confidence
DSL-01 is the first commercial-scale SAF plant to secure non-recourse project financing, an achievement that highlights growing investor confidence in aviation decarbonization assets. The financing package brings together a wide consortium of international lenders including ABN AMRO, BNP Paribas, Crédit Agricole CIB, Deutsche Bank, ING, Mizuho Bank, Natixis, Société Générale, Standard Chartered, and UniCredit Bank Austria.
Crédit Agricole Corporate and Investment Bank acted as lead financial advisor, supported locally by ABN AMRO Bank N.V., while Evercore served as sole equity financing advisor. Clifford Chance provided legal counsel, and Technip Energies will lead engineering, procurement, and construction.
Shareholders include KLM, Macquarie Group, APG, and minority investors, alongside early Round A lenders such as Royal Schiphol Group and regional development funds. The financing model offers a blueprint for scaling SAF projects, where large upfront capital requirements and evolving policy frameworks have historically slowed deployment.
Regulatory Pressure Drives Offtake Agreements
KLM will serve as the primary offtaker for DSL-01’s output, anchoring demand through long-term commitments tied to European sustainability mandates. Airlines across the region face increasing obligations under EU climate policies, making reliable SAF supply central to compliance strategies.
Lifecycle greenhouse gas reductions from DSL-01 are expected to begin at around 80% compared with fossil jet fuel, with projections exceeding 90% as renewable electricity availability increases and natural gas use declines. Electrification of operations and access to Dutch renewable energy infrastructure remain key levers for improving emissions performance over time.
Beyond aviation, the project is expected to reinforce the green industrial ambitions of Groningen Seaports and the Province of Groningen, strengthening northern Netherlands as a low-carbon industrial cluster.
RELATED ARTICLE: APG Commits €250M to SkyNRG to Scale Global Sustainable Aviation Fuel Production
Strategy Signals Shift Toward Asset Ownership
The project marks a strategic evolution for SkyNRG, which began as a SAF sourcing and distribution company but is now moving into owning and operating production assets. The company is also advancing Project Wigeon in the Pacific Northwest with Boeing and developing Project SkyKraft in northern Sweden with Skellefteå Kraft, an e-SAF facility powered by renewable electricity, green hydrogen, and biogenic CO2.
SkyNRG CEO & Co-Founder Maarten van Dijk said:
“Reaching this important milestone in the development of our DSL-01 facility marks an important step in our transition to becoming an owner and operator of SAF production capacity. I’m proud of our team and partners, who have worked tirelessly through complexity and overcome significant challenges to bring the project to this point. It is crucial that we increase the global production of SAF to enable future generations to have the ability to fly when needed and SAF plays a vital role in the decarbonization of aviation.“
What Executives And Investors Should Watch
For airlines, fuel producers, and institutional investors, DSL-01 demonstrates how policy certainty and offtake agreements can unlock large-scale financing for emerging clean fuels. The use of non-recourse structures signals a maturing risk profile for SAF infrastructure, potentially accelerating capital flows into similar projects worldwide.
As aviation faces rising scrutiny over emissions and regulators tighten sustainability mandates, projects like DSL-01 highlight the convergence of industrial policy, long-term capital, and corporate climate strategy. The success or failure of these early commercial-scale plants will shape the pace at which SAF transitions from niche fuel to mainstream aviation energy source, influencing global decarbonization pathways well beyond Europe.
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