Energy Capital Partners invests $300m in Braya Renewables Fuels

• ECP joins Braya’s current owners, Cresta Fund Management and North Atlantic Refining Corp, which is managed by Silverpeak
• Cresta acquired a majority stake in the company in 2021
• ECP’s investment completes the financing for the conversion of Braya’s Come-By-Chance refinery to renewable fuel operations

Energy Capital Partners (ECP) has made a $300 million preferred equity investment in Braya Renewables Fuels, a Newfoundland and Labrador-based producer of low-emission renewable fuels.

ECP joins Braya’s current owners, Cresta Fund Management and North Atlantic Refining Corp, which is managed by Silverpeak. Cresta acquired a majority stake in the company in 2021.

ECP’s investment completes the financing for the conversion of Braya’s Come-By-Chance refinery to renewable fuel operations, which processes and refines renewable feedstocks for renewable fuel production, and builds on Braya’s recent agreement with ABO Wind for the joint development of green hydrogen production at the facility.

Combined, these fuels – 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.

“We are pleased to partner with Braya and its existing owners and expand our exposure to renewable fuel infrastructure,” said Rahman D’Argenio, a partner at ECP, in a statement. “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.”

ECP is an investor in energy transition, electrification and decarbonization infrastructure assets, including power generation, renewables and storage solutions, environmental infrastructure and efficiency and reliability assets. It is based in Summit, New Jersey.

Cresta is a Dallas-based investment firm with more than $1.4 billion of assets under management specializing in mid-market sustainable infrastructure.

Headquartered in New York, Silverpeak is an alternative investment firm focused on creating long-term value for its partners in the real estate and energy sectors.

Lazard acted as Braya’s financial advisor in the transaction, and Kirkland & Ellis, Norton Rose Fulbright Canada, McInnes Cooper and Sidley Austin represented Braya. Latham & Watkins and Blake, Cassels & Graydon represented ECP..