According to Reuters, Varo Energy has secured $3.33 billion in its latest financing round to fund its sustainable energy projects, including purchasing a stake in northern Europe's biggest biogas facility. The package includes $165 million as the company's first green loan, which will partly refinance Varo's acquisition of an 80% stake in Dutch biogas maker Bio Energy Coevorden.

The remaining financing consisted of a $2.2 billion borrowing base facility. Varo plans to invest around $3.5 billion until 2026, with two-thirds of the investment going towards its sustainable energies business, including H2, biofuels, biogas, electric vehicles and nature-based carbon removal.

Reporting By Noah Browning; editing by Barbara Lewis