"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," said Todd O'Malley, Braya's Chief Executive Officer.
"I would personally like to thank our workers, the community, all levels of government, and our partners who have helped to bring our vision of a world-class renewable fuel facility to fruition. We are proud to be a cornerstone in the energy transition path and to provide stable and long-term employment opportunities in the local community."
Braya anticipates initial production capacity of 18,000 barrels per day of renewable diesel, with future plans to expand production capacity, add sustainable aviation fuel production capabilities and explore green hydrogen production.
The on-site production of renewable diesel, sustainable aviation fuel, and green hydrogen offers proven alternatives to fossil fuels and significantly decreases the carbon emissions linked to hard-to-abate sectors such as heavy-duty transportation, aviation, and heavy industry.
Cresta Fund Management , a Dallas-based private equity firm, acquired a controlling interest in the once-idled petroleum refinery in November 2021 and, through this conversion project, has resurrected a vital asset for the local Newfoundland and Labrador community. The conversion project supported more than 800 jobs during the construction phase and will now provide 200 full-time positions to support ongoing operations.
"This is an exciting time for Braya as they begin commercial operations, and it demonstrates the tremendous effort and specialized expertise the team has applied to successfully achieve this complex conversion," said Braya's Chairman of the Board and Cresta's Managing Partner, Chris Rozzell.
Braya's ownership group includes Cresta, majority owner and controlling investor, North Atlantic Refining Corp., which is managed by Silverpeak, and Energy Capital Partners.
