Braya Renewable Fuels announces 2 significant transactions to support refinery conversion
Braya Renewable Fuels announced Nov. 16 the closing of two significant transactions that support the conversion of Braya’s refinery operations in Come By Chance, Newfoundland and Labrador, Canada, and together fund the working capital needs of the company.
A supply and offtake agreement was executed with Macquarie Energy Canada Ltd., a subsidiary of Macquarie Group’s commodities and global markets group, to provide inventory monetization for renewable feedstocks and products.
Simultaneously, Braya executed a USD$75 million senior secured term loan with HPS Investment Partners LLC, which will be used to further Braya’s renewable diesel conversion project.
“These transactions represent a major milestone toward completing our renewable diesel conversion project and entering into the commercial phase,” said Todd O’Malley, CEO of Braya.
“We are proud of the efforts of our team who remain committed to the promise of the Braya project,” O’Malley continued.
Stephen Callender, the chief financial officer of Braya, added, “We are extremely excited to have the support of leading financial institutions in Macquarie and HPS as we finalize the conversion project and satisfy our working-capital needs for commercial operation.”
Braya expects to complete the conversion of its previously announced Come By Chance renewable diesel facility in December and will immediately begin startup procedures for the commercial sale of renewable diesel.
Once operational, the project will be one of the largest independently owned renewable diesel facilities in North America, initially supplying up to 18,000 barrels (756,000 gallons) per day of low carbon-intensity renewable fuel with expansion plans to increase capacity and begin production of sustainable aviation fuel.