The European Bank for Reconstruction and Development (EBRD) has revised its proposed financing for Green Sky Capital’s sustainable aviation fuel (SAF) plant at Nador West Med Port in Morocco to a senior secured loan of up to US$135 million, with board approval now scheduled for 2 December 2026. The bank’s updated project summary, last revised on 29 October 2026, keeps the committed tranche at US$85 million and raises the uncommitted tranche from US$20 million to US$50 million. Of the total, up to US$20 million is expected to be funded by the Green Climate Fund under its High Impact Programme for the Corporate Sector.
When the EBRD first disclosed the project on 14 October 2026, it gave financing of up to US$105 million and an approval date of 18 November 2026. The current summary gives a maximum loan US$30 million higher and an approval date two weeks later. The project is at the exploratory stage, pending concept review.
The loan would finance the construction and commissioning of the plant, which the EBRD summary describes as a 200,000-tonne-a-year SAF production facility. The bank has classified the project as environmental category B. Its interim non-technical summary, a working document dated 14 October, describes about 176,000 tonnes a year of SAF output from 200,000 tonnes of feedstock such as used cooking oil, animal fats and vegetable oils.
The financing sits alongside the long-term offtake agreement that Shell Trading Rotterdam announced on 2 November 2026 with Green Sky Manara LLC, an affiliate of Green Sky Capital. That agreement gives Shell exclusive offtake rights to approximately 150,000 tonnes a year of SAF or an equivalent volume of hydrotreated vegetable oil (HVO) from the plant, which is scheduled to start up in October 2028.
The EBRD board’s consideration of the loan on 2 December is the next step. A Stakeholder Engagement Plan and a full environmental and social impact assessment are to follow, and the bank has said it will update the project summary when the assessment is complete.
