ZAANDAM, NETHERLANDS— Bunge Loders Croklaan, the plant-based lipids business of St. Louis, Missouri, US-based Bunge Ltd., said it will invest more than €300 million ($346.5 million) to build a new sustainable production facility on the HoogTij industrial area in the Port of Amsterdam.

Construction on the plant is expected to begin at the end of 2022 and wrap up by the end of 2024. Once completed, the plant will replace the Maasvlakte refinery in Rotterdam that Bunge sold to Neste Corp. at the end of 2020 for €258 million. In addition, production at Bunge Loders Croklaan’s location in Wormerveer will shift to the Port of Amsterdam facility in phases during 2025, Bunge said.

“The new facility enables us to offer a broader and more innovative product portfolio of sustainable plant-based oils and fats that better positions us to meet future market demand,” said David Vandermeersch, vice president EMEA Bunge Loders Croklaan. “The new plant will be built according to the latest technological standards, resulting in a highly efficient and sustainable facility with direct energy savings of 40% and an expected CO2 reduction of 90% by 2030.”