Braya Renewable Fuels, a Newfoundland and Labrador, Canada-based producer of low-emission renewable fuels, announced a $300 million preferred equity investment from Energy Capital Partners (ECP), a leading energy transition-focused investor in the electricity, clean energy, renewable and sustainable infrastructure sectors.
Combined, these fuels – which include renewable diesel, sustainable aviation fuel, hydrogen, and ammonia – will provide alternatives to fossil fuels and reduce the emissions associated with hard-to-abate sectors such as heavy transport, aviation, and heavy industry. Once operational, the project is going to initially supply 18,000 barrels per day of low-carbon renewable fuel with expansion plans to increase capacity and enhance the production of sustainable aviation fuel.
ECP is joining Braya’s current owners, Cresta Fund Management and North Atlantic Refining Corp. (NARC) – which is managed by Silverpeak. Dallas-based Cresta has been Braya’s majority owner and controlling investor since 2021. And NARC/Silverpeak – in addition to owning a minority stake in Braya – also owns and controls NARL Marketing, ensuring the continued supply of fuel to Newfoundland and Labrador as well as surrounding areas.
KEY QUOTES:
“We are excited to join forces with ECP to drive innovation, scale production, and create long-term value for our investors and stakeholders. This investment is a testament to the Braya team – in particular, those on-the-ground in Newfoundland and Labrador – who have been working over the last 18 months to convert the Braya refinery to renewable fuel operations. This is an exciting time for Braya as it moves closer to completing the first phase of its multi-stage growth plans and commencing the production and sale of renewable fuel later this year.”
- Frank Almaraz, CEO of Braya
“We welcome ECP, a seasoned investor in the energy transition sector, to the Braya team. This investment is a major step in positioning Braya to become one of the largest independently owned renewable fuel producers in the world.”
- Cresta’s Managing Partner Chris Rozzell
“We are pleased to partner with Braya and its existing owners and expand our exposure to renewable fuel infrastructure. Our investment in Braya is not only a reflection of our commitment to funding infrastructure crucial to the energy transition, but also of our conviction in the Company’s strong management team, unique location and experienced operations staff. We look forward to supporting Braya as they capitalize on the significant long-term growth opportunities in the renewable fuels sector that will be required to decarbonize heavy transport, industry, and aviation.”
- Rahman D’Argenio, a partner at ECP and a member of its Investment Committee
