Par Pacific achieves financial close on Hawaii Renewables JV

Par Pacific Holdings announced successful financial closing of Hawaii Renewables joint venture.

The joint venture will produce produce renewable fuels at Par Pacific’s refinery in Kapolei, Hawaii.

Mitsubishi Corporation and ENEOS Corporation, through Alohi Renewable Energy, acquired a 36.5% equity stake in Hawaii Renewables in exchange for cash consideration of $100m.

Par Pacific retained the remaining interest and will complete and operate the Renewable Fuels Facility through its affiliate, Par Hawaii Refining.

The Renewable Fuels Facility is expected to be completed by the end of the year and will be the state’s largest renewable fuels manufacturing facility, producing approximately 61m gallons per year of biofuels including sustainable aviation fuel.

Earlier in July this year, Par Pacific Holdings, Mitsubishi Corporation and ENEOS Corporation announced the signing of agreements to establish a joint venture Hawaii Renewables to produce renewable fuels in Kapolei Hawaii.

The facility is designed to produce up to 60% SAF as a first step toward decarbonising Hawaii’s significant air travel market, with flexibility to process diverse feedstocks.