Braya Renewable Fuels begins operations at refinery conversion project in Canada

Braya Renewable Fuels has announced the commencement of its commercial operations, marking a significant milestone in the renewable energy sector. This achievement is the culmination of the refinery conversion project, positioning Braya as a key player in providing renewable fuel solutions essential for the energy transition. The company’s journey towards this accomplishment has been fueled by the dedication and hard work of the Braya team, along with the unwavering support from workers, the local community, government bodies at all levels, and partners.

Todd O’Malley, the Chief Executive Officer of Braya, expressed his gratitude towards the collective effort that led to this moment, stating, “We are incredibly grateful for all of the hard work and dedication of the Braya team that has allowed us to achieve commercial operations at the refinery.” O’Malley’s acknowledgment of the community’s role underscores the project’s significance in fostering stable and long-term employment opportunities locally, thus becoming a cornerstone in the path towards energy transition.

At the outset, Braya is set to produce 18,000 barrels per day of renewable diesel. However, the company’s vision extends beyond immediate production capabilities. Plans are underway to expand production capacity, introduce sustainable aviation fuel production, and explore the potential for green hydrogen production. These initiatives are geared towards offering viable alternatives to fossil fuels, aiming to reduce carbon emissions in sectors that have been challenging to decarbonize, such as heavy-duty transport, aviation, and heavy industry.

The transformation of the once-idled petroleum refinery into a beacon of renewable energy was made possible by Cresta Fund Management (Cresta), a Dallas-based private equity firm, which acquired a controlling interest in November 2021. The conversion project not only revitalized a critical asset for the Newfoundland and Labrador community but also supported more than 800 jobs during its construction phase. Moving forward, it will provide 200 stable, full-time positions, ensuring the ongoing success of operations.

Chris Rozzell, Braya’s Chairman of the Board and Cresta’s Managing Partner, highlighted the significance of this achievement, “This is an exciting time for Braya as they commence commercial operations, and it demonstrates the tremendous effort and specialized expertise the team has applied to successfully achieve this complex conversion.” Rozzell’s comments reflect the broader impact of Braya’s operations on fueling a low-carbon economy and creating long-term value for investors and stakeholders.

Braya’s ownership group comprises Cresta, the majority owner and controlling investor, North Atlantic Refining Corp. (NARC), managed by Silverpeak, and Energy Capital Partners.

The company looks forward to a ribbon-cutting ceremony in the spring, which will honor the contributions and support of the multiple stakeholders involved in this landmark project.

Braya Renewable Fuels’ transition from a traditional petroleum refinery to a renewable diesel production facility marks a pivotal moment in the energy sector’s evolution. This initiative not only showcases the potential for sustainable energy production but also emphasizes the importance of collaboration among various stakeholders in achieving significant milestones in the energy transition. As Braya expands its operations to include sustainable aviation fuel and explores green hydrogen production, it sets a promising example for the industry’s future, driving towards a more sustainable and low-carbon economy.