Cresta Fund Management (“Cresta”) has acquired a controlling interest in the NARL refinery located in Come By Chance, Newfoundland, re-naming it as Braya Renewable Fuels (“Braya”) following the acquisition.
Braya will convert the warm-idled refinery into renewable diesel and sustainable aviation fuel service with initial production capacity of 14,000 barrels per day and a planned in-service date of mid-2022. The Come By Chance refinery is strategically located, with world-class logistics assets, to source global feedstocks and to sell into the United States, Canada and Europe. Braya also will have the ability to grow and adapt alongside increasing North American renewable fuel demand by making modifications to the facility such as expanding total capacity to 35,000 barrels per day, generating green hydrogen, and expanding feedstock flexibility.
Silverpeak, the prior controlling entity, will continue with a minority interest in Braya Renewable Fuels in alignment with Cresta, and will continue as the controlling entity of NARL Marketing, ensuring the continued supply of fuel to Newfoundland and Labrador and surrounding areas and islands.
Chris Rozzell, managing partner at Cresta said: “We are pleased to make this transformative investment in the Come By Chance refinery 50 years following the facility’s original groundbreaking. We are also grateful to the existing team and the Newfoundland and Labrador government for the work they have done to facilitate our involvement. This refinery has a long history of safe and environmentally conscious operations, supported by a strong and experienced workforce. We’re proud to be associated with this new chapter for the refinery as it fully transitions from fossil fuels to the production of sustainable aviation fuel and renewable diesel fuels that will be critical to decarbonizing the aviation and heavy transport sectors. We also applaud the concrete steps the Government of Canada is taking to meet its climate objectives, and we look forward to a collaboration to position Braya Renewable Fuels to play a vital role in boosting the country’s capacity to produce clean fuels.”
Kaushik Amin, a partner at Silverpeak said: “We are excited to partner with Cresta Funds Management to convert the Come By Chance refinery into one of the largest renewable diesel and sustainable aviation fuel production facilities in the world. With support from the Newfoundland and Labrador Government and the dedicated efforts of the Refinery’s employees, the vision of creating a sustainable business that will provide long-term jobs and vital economic activity in the Province has now come to fruition. Premier Furey and Minister Parsons have played a vital role in helping us sustain the facility during the last year and complete the transaction with Cresta. We would also like to thank Minister Seamus O’Regan and MP Churence Rogers who have provided invaluable support to help bring this vision to life. This conversion adds to our investments in the province of over $400 mm since our acquisition of NARL in 2014 and will help the Canadian Government in achieving its climate change goals.”