New Rise Renewables, a renewable energy company, today announced the inauguration its new 3200 barrel-per-day renewable sustainable aviation fuel (SAF) facility located at the Reno-Tahoe Industrial Complex in Storey County, Nevada.
The facility is nearly through the conversion of its existing renewable diesel plant as part of a groundbreaking effort to revolutionize the aviation industry by producing sustainable aviation fuel (SAF). It is scheduled to commence SAF production in the summer of 2024, according to a news release.
Camber Energy, a NYSE-traded energy company, last year reached a deal to acquire 100% of the interests in New Rise Renewables.
The plant was purchased for $499m, representing a purchase price of $750m less $251m of existing company liabilities, according to a securities filing. The seller was RESC Renewables Holdings, a predecessor company to Ryze Renewables, which developed the project.
The parties had reached a framework for the deal in late 2021, subject to purchase price adjustments and other closing conditions.
Reno-based Greater Commercial Lending (GCL) facilitated $112.6m in government-guaranteed credit for the development of New Rise Renewables Reno. Eighty percent of the GCL-arranged financing for New Rise Renewables Reno is guaranteed by the United States Department of Agriculture (USDA) via its 9003 Biorefinery, Renewable Chemical and Biodiesel Production Manufacturing Assistance Program. The financing structure includes participation by GCL parent Greater Nevada Credit Union, other credit unions, insurance companies and secondary market groups.
