and Arnold & Porter Kaye Scholer LLP advised Warburg Pincus on the investment, while Gibson, Dunn & Crutcher LLP served Montana Renewables. “Today’s announcement of increased capitalisation further solidifies MRL’s go-forward business plan to increase capacity in 2024-25 to an estimated 18,000 barrels per day, including the optionality to convert a large portion of the plant’s production from RD to SAF.”Ĭleary Gottlieb Steen & Hamilton LLP, Jackson Lewis P.C. Oaktree’s alignment and support of our vision allowed the launch of this business in 2021. “We would also like to extend our gratitude to Oaktree for their initial investment in MRL.

“We are pleased to partner with Warburg Pincus, a world class institutional investor, as well as to extend our longstanding multi-site relationship with Stonebriar. “This investment will accelerate our mission to quickly produce low-emission alternatives that directly replace fossil fuel products,” detailed Bruce Fleming, EVP of Montana Renewables & Corporate Development at Calumet. These agreements coincide with the retirement of a $300 million convertible investment from Oaktree Capital Management and bring Montana Renewables’ pro forma liquidity to $300 million.Ĭalumet plans to seek out additional strategic and other investors in Montana Renewables through its formal process with Lazard. “As the world recognises a sustainability responsibility and as demand for low-emission fuels increases, MRL’s ability to produce RD and SAF quickly and efficiently will result in immediate carbon reductions.”Īt the same time, Stonebriar Commercial Finance signed sale and leaseback contracts with Montana Renewables worth $350 million. “Understanding ways to economically reduce our carbon footprint in the immediate term is incredibly important,” said Roy Ben-Dor, Managing Director, Warburg Pincus. Once operational, the Great Falls site will process up to 15,000 barrels per diem of renewable feedstocks, including renewable hydrogen, renewable diesel, and sustainable aviation fuel. The investment values Montana Renewables at $2.25 billion and will aid in the construction of its flagship processing facility in Great Falls, Montana. Montana Renewables LLC, a renewable fuels business and a subsidiary of Calumet Specialty Products Partners LP, has secured a $250 million preferred equity investment from global investor Warburg Pincus.

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