The European Investment Bank is providing a EUR 120 million loan to Repsol to support the construction and operation of the first advanced biofuels production plant at the company's facilities in Cartagena, (Region of Murcia). The plant will produce second generation and advanced biofuels from different types of waste primarily from the agri-food industry, such as used cooking oils, as part of the transition process towards a more circular economy. Construction work began in March this year and is scheduled for completion in the second half of 2023.The production plant will be located within the premises of Repsol’s industrial complex in Cartagena, Region of Murcia - an EU cohesion region. The plant will process 300,000 tons per annum (tpa) of lipidic residues for the production of up to 250,000 tpa of 2nd generation or/and advanced biofuels for the transport sector.While second-generation biofuels are derived from a broad range of biogenic residues including used cooking oils, certain animal fats and vegetable oils that cannot be used as food or are derived from crops that do not compete with food, advanced biofuels are produced specifically from a subset of biogenic feedstocks listed in Part A of Annex IX of the REDII directive.These biofuels are a sustainable solution for all segments of mobility, especially for those that have no other alternative to decarbonize their activity, such as maritime, long-distance or aviation transport. They can reduce net CO2 emissions by between 70% and 90% compared with the traditional fuels they replace. The EIB financing will also support research programs for advanced biofuels technologies conducted at Repsol's Technology Lab in Madrid.