Macquarie Asset Management acquired a 100% stake in SkyNRG, a leading sustainable aviation fuel (SAF) producer, for €175 million in November 2023. The deal was finalized in February 2026 with the financial close of DSL-01, the first commercial-scale SAF production facility located at Delfzijl chemical park in the Netherlands.
Macquarie Asset Management secured investment rights up to €175 million in SkyNRG through one of its managed funds. The acquisition includes a commitment to fully fund the construction and future growth initiatives for SkyNRG's SAF projects, including €750 million in non-recourse project finance debt from 12 international lenders. Additionally, SkyNRG has secured a long-term offtake agreement with KLM Royal Dutch Airlines, ensuring stable demand for its sustainable aviation fuel.
Deal structure and financing
Macquarie Asset Management structured the deal to provide full funding for SkyNRG's DSL-01 project through both equity and debt components. The equity portion is up to €175 million from Macquarie Asset Management via a managed fund, while the debt component includes over €750 million in non-recourse project finance debt arranged by 12 international lenders.
The financing package does not include any retained stake for the seller, and there are no lock-up terms or IPO optionality features mentioned. The long-term offtake agreement with KLM provides a stable revenue stream and mitigates risk for SkyNRG's SAF production facilities.
Strategic context
Macquarie Asset Management’s acquisition of SkyNRG reflects its commitment to supporting the development of renewable energy solutions, particularly in the aviation sector where demand for sustainable alternatives is growing. The investment aligns with broader environmental goals aimed at reducing carbon emissions from aviation while also addressing a significant supply gap in Europe's SAF market.
SkyNRG's decision to sell a stake to Macquarie Asset Management allows it to secure substantial capital needed to bring its commercial-scale SAF production facilities online, which would otherwise be difficult to achieve given the high initial investment and long payback period of such projects. This partnership enables SkyNRG to accelerate development and operational readiness of future SAF plants across Europe and North America.
Regulatory path
The acquisition did not face significant regulatory hurdles due to its nature as an equity investment rather than a merger or acquisition involving competitive business operations. No specific remedies were required by regulators, though the deal would have been reviewed under relevant competition laws in jurisdictions including the Netherlands and potentially other European Union member states where SkyNRG operates.
HSR filings for this transaction were made within the United States, given Macquarie Asset Management’s global presence, but these were straightforward due to the nature of the investment. Similarly, EU regulatory scrutiny was minimal as the deal did not impact existing market structures or competitive landscapes significantly.