Braya Renewable Fuels, a Come By Chance, Canada-based producer of low-emission renewable fuels, received a $300M investment from Energy Capital Partners.
ECP joined Braya’s current owners, Cresta Fund Management (“Cresta”) and North Atlantic Refining Corp. (“NARC”), which is managed by Silverpeak.
The company intends to use the funds to support conversion of its refinery operations in Come By Chance, Newfoundland and Labrador, Canada and accelerate renewable fuels production.
Led by CEO Frank Almaraz, Braya Renewable Fuels owns and operates the Come By Chance Refinery, located in Newfoundland and Labrador, and is converting it to renewable fuel operations. The refinery has been renamed Braya Renewable Fuels after the provincial braya flower and is strategically located to deliver fuels to a variety of end markets. The refinery plans to produce renewable fuel and sustainable aviation fuel to help decarbonize the heavy road transport and aviation sectors.
Once operational, the project will initially supply 18,000 barrels per day of low carbon renewable fuel with expansion plans to increase capacity and enhance production of sustainable aviation fuel.
FinSMEs
20/04/2023