Azure Sustainable Fuels, the Calgary-based SAF developer, has hired Mizuho to raise capital for two projects estimated to cost more than $1bn each, sources told ReSource.
The projects in Manitoba and Kansas are both in FEED stages and yet to secure offtake, one source said. The company has an additional pipeline of projects in Canada.
The Canada Infrastructure Bank (CIB) and Azure announced a partnership in January to study SAF production in Canada, with CIB investing $8.4m. Azure said then it expected FEED work for three sites would be complete by the end of 2024, positioning it to reach FID in the first half of 2025 and enable an in-service date in 2027.
A production facility in Cherryvale, Kansas was announced in late 2023. ReSource data shows four active Azure SAF projects: Cherryvale; Manitoba; the Port Colborne SAF Production Facility in Ontario; and an additional development in British Columbia.
Azure received a CAD $5m federal grant for the Port Colborne project.
Representatives from Azure did not respond to requests for comment. Mizuho declined to comment.
