NWABF secures construction equity commitment MoU for SAF project in Washington State

Northwest Advanced Bio-Fuels, LLC (NWABF), a renewable bio-jet fuel refineries developer, with the recent execution of a Memorandum of Understanding, (MOU), has made major progress toward securing a strategic long-term investment into its Sustainable Aviation Fuel (SAF) project in Washington State from Stonepeak Infrastructure Partners (Stonepeak), an independent investment firm specializing in North American infrastructure.

The potential US$600 million investment from Stonepeak, arranged by Morgan Stanley & Co. LLC as placement agent, may be made through SP Holdings LLC, or another fund or entity managed by Stonepeak. SP Holdings, LLC, is the sole member of the general partner of Evolve Transition Infrastructure LP, a publicly traded limited partnership formed in 2005 focused on the acquisition, development, and ownership of infrastructure critical to the transition of energy supply to lower-carbon sources. Once finalized, the investment would help finance the largest announced SAF/renewable biofuels project using cellulosic feedstock in the world.

The Project has an attractive, long-term 60+ million gallon per year off-take agreement, which is one of the largest airline off-take agreements of its kind to purchase SAF. As originally announced with Delta Air Lines in January 2020, and as affirmed in March 2021, NWABF is a key partner to help Delta achieve zero-impact aviation. This potential investment would be used to partially fund the construction of the Project and repay prior development, design, and engineering stage costs. The Project’s production and supply of 60+ million gallons of sustainable aviation fuel annually is before considering expansion capability.

SAF is an alternative to fossil fuel and can reduce emissions by up to 80 percent during its full lifecycle. Examples include biofuels and synthetic fuels.