Abstract: A process for the esterification of a triglyceride. The process comprises forming a single phase solution of said triglyceride in an alcohol selected from methanol and ethanol, the ratio of alcohol to triglyceride being 15:1 to 35:1. The solution further comprises a co-solvent in an amount to effect formation the single phase and a base catalyst for the esterification reaction. After a period of time, ester is recovered from the solution. Esterification is rapid and proceeds essentially to completion. The esters may be used as biofuel or biodiesel.