Orion Electricity Associates L.P., GCM Grosvenor and Voya Expense Management have entered a capital partnership with Bakersfield Renewable Fuels (BKRF). 

BKRF is a specific function motor vehicle wholly owned by Worldwide Clean up Power Holdings Inc. (GCE), which was developed to invest in an current refinery in Bakersfield, Calif. BKRF will retool a part of the refinery into a renewable diesel (RD) bio-refinery. The challenge will use GCE’s camelina oil as effectively as standard biofuel feedstocks this sort of as squander fats, oils and greases to create RD and other renewable merchandise (liquid propane, naphtha). RD is 100% sustainable and can decrease greenhouse gas (GHG) emissions by up to 80% when in contrast to common diesel. The project’s output will be sold beneath a prolonged-phrase offtake arrangement with a multinational oil key.

Design, engineering and design is supported by a consortium of leaders in the downstream and renewable fuels marketplace. The most important operate will be executed by union trades through a local Bakersfield EPC contractor, ARB Inc., a Primoris Expert services Corp. subsidiary.

“GCE is thrilled to lover with Orion Power, GCM Grosvenor and Voya as we embark on this thrilling new undertaking,” says Richard Palmer, CEO of Worldwide Clear Power Holdings.

“Despite difficult marketplace ailments, with the help and creativity of our funding partners we will have the needed methods to make the job a achievements and produce meaningful economic and environmental rewards to the area,” he provides.

Latham & Watkins LLP acted as authorized counsel to Orion Strength. Akin Gump Strauss Hauer & Feld LLP acted as authorized counsel to GCM Grosvenor and Voya. King & Spalding acted as legal counsel to GCE and TroyGould acted as acquisition counsel and corporate counsel to GCE.

Picture: Worldwide Clear Electrical power Holding’s Trader Relations world wide web web site