Due to limited biomass availability, the establishment of optimal route biofuel 13 value chains (one conversion route for each feedstock) is a key prerequisite for a feasible 14 bioenergy sector. This way, biorefineries can take advantage of the economies of scale and 15 increase their economic potential. Therefore, techno-economic comparison between similar 16 conversion processes for the utilisation of individual feedstocks is essential. To this effect, 17 the present study focuses on the feasibility of two biomass to liquids (BtL) thermochemical 18 conversion routes for the production of hydrocarbon fuels. Aspen plus software was 19 2 employed to investigate a gasification followed by Fischer-Tropsch synthesis route (G-FT) 20 and fast pyrolysis followed by hydroprocessing (FP-H) by developing process flowsheets 21 and solving the associated mass, and energy balances. Based on the simulations, 22 thermodynamic (energy/exergy analysis) and economic (financial and risk analysis) 23 evaluations were carried out. Sensitivity analyses have been performed in order to define 24 the key parameters of each conversion route. Sugar cane bagasse, the waste solid residue of 25 the sugar cane milling process, was considered as feedstock at a flowrate of 100 t/h. Based on 26 the outcomes of the evaluations, the two alternatives were compared and it was concluded 27 that, both energetically and financially, G-FT synthesis is the more efficient option. 28