Canopy Energies Develops Pongamia Plantation in Madagascar for Sustainable Aviation Fuel
Canopy Energies is developing a 50,000-hectare pongamia plantation in Madagascar, projected to produce 75,000 metric tons of pongamia oil annually by 2035, generating estimated revenues of $24 million. The initiative, registered under the Verified Carbon Standard, aims to yield 2.8 million carbon credits and supports sustainable aviation fuel production in light of Japan's 10% SAF mandate by 2030. The company is currently assessing options for processing oilseeds domestically or for export, with a decision expected within two years.
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Canopy Energies is establishing a pongamia plantation in Madagascar, aiming for 50,000 hectares by the mid-2030s, to produce 75,000 metric tons of pongamia oil annually by 2035. The plantation's economics rely on oil and meal revenue, with projected annual revenues of $24 million.
The project is registered as a Verified Carbon Standard initiative, expected to generate 2.8 million carbon credits. Canopy targets long-term sustainable aviation fuel production, influenced by Japan's 10% SAF mandate by 2030. The company is evaluating options for crushing oilseeds domestically or exporting them, with a decision anticipated within two years.
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