FILE PHOTO: A pedestrian stands near the logo of Australia’s biggest investment bank Macquarie Group Ltd which adorns a wall on the outside of their Sydney office headquarters in central Sydney, Australia, July 18, 2017. REUTERS/David Gray

Australia’s Macquarie Group Ltd said on Thursday its asset management arm will make an initial investment of up to 175 million euros (about $190 million) in Netherlands-based sustainable aviation fuel (SAF) supplier SkyNRG.

There has been an increasing amount of interest in the SAF industry, with many fund managers exploring opportunities to capitalize on a sector gaining momentum as airlines lean towards green fuels to reduce emissions and meet their targets.

Macquarie’s investment, through its GIG Energy Transition Solutions Fund, will be its first in the SAF space.

SkyNRG will use the funds to build dedicated SAF facilities in Europe and the United States by 2030.

Reuters