SCOTTSDALE, AZ, USA, March 30, 2021 /EINPresswire.com/ — Northwest Advanced Bio-Fuels, LLC has secured a Memorandum of Understanding (MOU) for the initial construction equity for our Sustainable Aviation Fuel Project in Washington State.
The MOU was signed with Stonepeak Infrastructure Partners, a leading independent investment firm with a long history of supporting critical North American infrastructure investment. This potential $600 million investment would be used to partially fund the construction of the Project and repay prior development, design and engineering stage costs.
The Project has an attractive, long-term 60+ million gallon-per-year off-take agreement, 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 is a major milestone not only for our project, but also for the SAF industry and airlines to move further with commitments to achieving carbon neutrality and combating climate change in the aviation sector.
As we developed this project, our incredible NWABF team focused on getting every step right in the process, so that we would have a workable platform to use for future opportunities. Stonepeak Partners saw our dedication and diligence in paying attention to details, and that brought us together to work out terms of a mutually beneficial, long-term strategic investment partnership. I can’t thank our core team enough for their commitment and loyalty, always focusing on the prize. This has enabled us to get this Project to the finish line. Fantastic group of people!
Funding for this initial Northwest Advanced Bio-Fuels project will support the Company’s long-term goal of developing a sector-leading sustainable aviation fuel growth platform able to capitalize on further follow-on opportunities in and during this important and critical energy transition asset class.
NWABF is seeking to become a leader in SAF by growing additional projects in the future. The execution of the MOU with Stonepeak validates our Team’s vision and growth potential as a critical link in the global energy transition to reduce emissions.