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Braya Renewable Fuels Receives a $300 Million Investment from Energy Capital Partners

April 20, 2023

Strategic capital will support conversion of Braya’s refinery operations in Come By Chance, Newfoundland and Labrador, Canada and accelerate renewable fuels production.

Come by Chance, Newfoundland and Labrador, Canada, April 20, 2023 – Braya Renewable Fuels (“Braya”), a Newfoundland and Labrador, Canada-based producer of low-emission renewable fuels, today announced a $300 million preferred equity investment from Energy Capital Partners (“ECP”), a leading energy transition focused investor in the electricity, clean energy, renewable and sustainable infrastructure sectors.

The investment from ECP completes the financing for the conversion of Braya’s Come-ByChance refinery to renewable fuel operations, which processes and refines renewable feedstocks for renewable fuel production and builds on Braya’s recent agreement with ABO Wind for the joint development of green hydrogen production at the facility. The proposed multi-phased ABO Wind project will provide hydrogen for Braya’s needs as well as green ammonia for global export. Combined, these fuels – renewable diesel, sustainable aviation fuel, hydrogen, and ammonia – will provide alternatives to fossil fuels and reduce the emissions associated with hard-to-abate sectors such as heavy transport, aviation and heavy industry.

Once operational, the project will initially supply 18,000 barrels per day of low carbon renewable fuel with expansion plans to increase capacity and enhance production of sustainable aviation fuel.

ECP joins Braya’s current owners, Cresta Fund Management (“Cresta”) and North Atlantic Refining Corp. (“NARC”), which is managed by Silverpeak. Dallas-based Cresta has been Braya’s majority owner and controlling investor since 2021. NARC/Silverpeak, in addition to owning a minority stake in Braya, also owns and controls NARL Marketing, ensuring the continued supply of fuel to Newfoundland and Labrador as well as surrounding areas.

“We are excited to join forces with ECP to drive innovation, scale production, and create longterm value for our investors and stakeholders,” said Frank Almaraz, CEO of Braya. “This investment is a testament to the Braya team – in particular those on-the-ground in Newfoundland and Labrador – who have been working over the last 18 months to convert the Braya refinery to renewable fuel operations. This is an exciting time for Braya as it moves closer to completing the first phase of its multi-stage growth plans and commencing the production and sale of renewable fuel later this year.”

“We welcome ECP, a seasoned investor in the energy transition sector, to the Braya team,” said Cresta’s Managing Partner, Chris Rozzell. “This investment is a major step in positioning Braya to become one of the largest independently owned renewable fuel producers in the world.”

“We are pleased to partner with Braya and its existing owners and expand our exposure to renewable fuel infrastructure,” said Rahman D’Argenio, a partner at ECP and a member of its Investment Committee. “Our investment in Braya is not only a reflection of our commitment to funding infrastructure crucial to the energy transition, but also of our conviction in the Company’s strong management team, unique location and experienced operations staff. We look forward to supporting Braya as they capitalize on the significant long-term growth opportunities in the renewable fuels sector that will be required to decarbonize heavy transport, industry and aviation.”

Lazard acted as Braya’s financial advisor in the transaction, and Kirkland & Ellis LLP, Norton Rose Fulbright Canada LLP, McInnes Cooper and Sidley Austin LLP represented Braya. Latham & Watkins and Blake, Cassels & Graydon LLP represented ECP.

About Braya Renewable Fuels:

Braya Renewable Fuels owns and operates the Come By Chance Refinery, located in Newfoundland and Labrador, and is converting it to renewable fuel operations. The refinery has been renamed Braya Renewable Fuels after the provincial braya flower and is strategically located to deliver fuels to a variety of end markets. The refinery plans to produce renewable fuel and sustainable aviation fuel to help decarbonize the heavy road transport and aviation sectors. For more information, please visit www.brayafuels.com.

About Cresta Fund Management:

Cresta is a Dallas-based investment manager with over $1.4 billion of assets under management specializing in middle market sustainable infrastructure. Founded in 2016, Cresta’s team has decades of combined development, engineering, commercial, trading, legal and financial experience in the energy infrastructure industry. Cresta has been invested in Braya since 2021. For more information please visit www.crestafunds.com.

About Energy Capital Partners:

Energy Capital Partners (ECP), founded in 2005, is a leading investor across energy transition, electrification and decarbonization infrastructure assets, including power generation, renewables and storage solutions, environmental infrastructure and efficiency & reliability assets facilitating the energy transition. The ECP team, comprised of 68 people with 550 years of collective industry experience, deep expertise and extensive relationships, has consummated more than 60 transactions over the last 10 years, representing more than $45 billion of enterprise value. For more information, visit www.ecpgp.com.

About Silverpeak:

Silverpeak is an alternative investment management firm focused on creating long-term value for its partners in the real estate and energy sectors. Founded in 2010 and headquartered in New York, Silverpeak has acquired more than USD $21 billion of gross asset value across industries, sectors, and geographies. Further information is available at www.silverpeak.com.

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Braya Renewable Fuels Issues Letter of Support to ABO Wind Following Green Hydrogen RFP

March 7, 2023

COME BY CHANCE, NLMarch 7, 2023 /PRNewswire/ – Braya Renewable Fuels is pleased to announce the issuance of an exclusive letter of support to ABO Wind for the joint development of green hydrogen production at its refinery in Come By Chance, Newfoundland and Labrador (NL), Canada. The non-binding letter of support promotes the project proposal ABO Wind intends to submit in the “Crown Land Call for Bids for Wind Energy Projects” launched by the Government of Newfoundland and Labrador.

“Of the many strong proposals we received from around the world, we have selected ABO Wind for its demonstrated ability to manage large scale infrastructure developments, its significant experience in developing renewable energy projects, and our shared vision of producing green hydrogen and green ammonia to serve global markets,” said Frank Almaraz, CEO, Braya Renewable Fuels. “We are confident that together with ABO Wind, we can build on the tremendous momentum at our Come By Chance refinery.”

In November 2022, Braya issued a request for proposals (RFP) for the provision of 35,000 metric tons per year of green hydrogen for its advanced bio-fuels refinery. Recognizing its need for a large quantity of hydrogen and unique access to deep water logistical assets, Braya also invited respondents to submit proposals to scale the production of green hydrogen and green ammonia to serve the needs of the global marketplace.

ABO Wind has proposed a multi-phased, integrated project which provides green hydrogen to meet Braya’s needs as well as green ammonia for global export. Braya has issued a non-binding letter of support to ABO Wind for its submission of the Project in response to the Crown Land Call for Bids and believes the project will be successful in this competitive process.

“The entire ABO team is enthusiastic about Braya’s support,” said Dr. Karsten Schlageter, ABO Wind Managing Director. “We developed a strong project proposal with a long-term vision for this region. Key components are our respectful relationships with First Nations and the local communities, Braya’s existing infrastructure and knowledge, our global development experience and partnerships, and of course the extraordinary wind conditions in Newfoundland and Labrador. The project will not only support Braya’s efforts, but also foster sustainable economic development and job creation in the Province as well as contribute to our joint global goal of carbon reduction and energy security.”

Braya looks forward to participating in the Crown Land Call for Bids alongside ABO Wind, continuing community engagement related to the Project, and undertaking further development efforts towards a sustainable energy future.

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LF Bioenergy Announces Investment by Marathon Petroleum Corporation

March 8, 2023

LF Bioenergy (“LF”), a renewable energy developer focused on the production of renewable natural gas, announced today that Marathon Petroleum Corporation (NYSE:MPC) has invested in LF at a valuation of $100 million, with the potential to increase to $200 million as LF achieves pre-determined earn-out targets.

“LF Bioenergy is thrilled to have Marathon as an investor. This development benefits our dairy farmer partners by providing LF additional resources to support the long-term plans for our pipeline of RNG projects,” said Brent Lilienthal, President, and CEO of LF Bioenergy. “Marathon’s industry expertise and its goal to lower the carbon intensity of its operations and the products it offers will help LF continue to execute on our “Farmers First” strategy of helping farmers improve their sustainability, operations, and profitability. We intend to leverage Marathon’s capabilities and expertise to accelerate our vision of providing tailored solutions based on the specific needs of our dairy partners.”

LF Bioenergy is backed by Cresta Fund Management (“Cresta”), a growth equity firm with advanced industry knowledge, managing $1.4 billion in assets. “We are excited about the progress LF has made since our initial investment in 2021 as well as the value that Marathon will provide to LF and its stakeholders,” said Chris Rozzell, Cresta’s Managing Partner. “Adding Marathon as a partner is an important milestone for LF, and the partnership between Marathon, LF and Cresta will provide a strong foundation for the ongoing decarbonization of the hard-to-abate agricultural and transportation sectors.”

LF Bioenergy’s first facility, located in upstate New York, is nearing completion and expected to be in service in the first half of 2023. The LF Bioenergy team is determined to grow their portfolio of dairy-based, low carbon intensity RNG projects to produce over 6,500 MMBtu per day by the end of 2026. LF Bioenergy’s farmer-centric approach to RNG development is unique in today’s environment and continues to provide the Company with robust development opportunities.

Weil, Gotshal & Manges LLP represented LF and Cresta in the transaction, and Guggenheim Securities, LLC acted as financial advisor to Cresta and LF in connection with the transaction.

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Lapis CEO Reg Manhas Discusses North American CCS Opportunities

January 15, 2023

A decade ago, just as Canada’s oil patch was starting to get tense, Reg Manhas made a career move — to Texas, where the action is — and he hasn’t looked back. If you want to know what’s going down in the American oil patch, he’s your guy.

When I catch up to Reg, he has just been named CEO of Lapis Energy, a Dallas-based company that connects major carbon emitters with CO2 storage sites. Again, his timing is opportune: Last August, the biggest climate deal ever offered by the U.S. government was signed into law and is set to fast-track carbon capture and storage investment in the Lower 48, Reg predicts.

Reg, 55, hails from the small town of Smithers, B.C., trained as a chemical engineer and then lawyer, was on the frontlines when Calgary’s Talisman Energy was fighting for its corporate life in the oilfields of Sudan and in 2011, was lured to Texas to work for Kosmos Energy, a deepwater oil explorer operating in Africa.

We connect via FaceTime; I’m perched in front of a grainy iPad screen in fog-bound Calgary and he is home for the holidays at his vacation property in Windermere, B.C., together with his wife, their two sons and the family dog.

America’s strategy on carbon is clear, Reg opines: “It’s not a tax, a penalty or a cap; it’s a fiscal incentive.”

Reg and I both know that incentives available to store carbon in Canada are substantially less attractive. That Canada has a price on carbon — and the U.S. technically does not — already creates friction. And now President Joe Biden is pulling out all the stops including bumping up tax credits for carbon capture and storage.

“It won’t take much for CO2 storage to devolve into something akin to subsidy capture,” I grumble.

Most certainly, Reg agrees.

This idea of permanently storing carbon underground isn’t new: Oil companies have long been injecting CO2 into oil reserves, to make it easier to extract the oil; the Government of Saskatchewan deployed carbon capture at its Boundary Dam Power Station near Estevan, to reduce the carbon footprint of its coal-fired power unit; and in Alberta, the largest oil sands producers are moving forward on a carbon storage hub that’s set to be one of the world’s largest. What has changed are the incentives.

In just the past couple of months, Reg reports, Lapis has been reorganized to double-down on its U.S. business. And he’s psyched for a mad dash forward: “Yes, there are corporate imperatives to reduce carbon, to get to net zero, globally, but where the action is and the deals are being struck is the U.S.”

That leaves Canada dragging behind, once again. Here in Canada, we’re on pins and needles waiting for Natural Resources Minister Jonathan Wilkinson to announce details of the federal government’s “Just Transition” for oil workers.

I’ve lived in Calgary nearly four decades now — and routinely hear that living in Calgary is as close to being American as a Canadian can get. But I’m not so sure any more. I even wonder aloud if there’s much left to support the myth of Alberta as the Texas of Canada. Reg has lived in both places; I’m interested in his take.

Both places have big trucks, big sky, big oil, and, some shared history. That’s true; most Albertans I know are grateful to the roughnecks from Texas and their bankers who came north with expertise and money when Canadians didn’t understand what they had discovered in Leduc in 1947.

“What about this drive for autonomy — what we describe as sovereignty in Alberta — is it the same aim in Texas and Alberta?” I ask.

“No,” Reg reflects, “it feels like two different things.” And goes on to explain: “The sovereignty issue in Alberta has always been bubbling under the surface, and has to do with perceptions of fairness within Confederation… Texas prides itself on individualism, on being an independent and strong state within the country, but there isn’t the same sense of unfairness.”

“In fact, how can there be any sense of unfairness?” Reg continues. “Texas is an economic powerhouse with 30 million people and a red-hot economy that grew by eight per cent last year.”

Donna Kennedy-Glans, Special to National Post
Published Jan 15, 2023

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Braya Renewable Fuels Issues a Request for Proposal for the Provision and Potential Production of Green Hydrogen

November 1, 2022

COME BY CHANCE, NL, Nov. 1, 2022 /PRNewswire/ – Braya Renewable Fuels (“Braya”) has issued an RFP for the provision of green hydrogen as a feedstock for its refinery operations in Come By Chance, NL, Canada, and as a potential export commodity in the form of green ammonia for local, regional, and international markets. Braya is currently repositioning the facility to produce renewable diesel and sustainable aviation fuel (SAF).

Our production of renewable diesel requires substantial amounts of hydrogen feedstock every year. Hydrogen can be derived from many sources, and Braya has existing access to grey hydrogen; however, to produce the lowest carbon intensity rating possible, Braya is interested in acquiring green hydrogen to support its operations. At approximately 35,000 metric tons, this project will be the largest domestic green hydrogen project in Canada to date.

Considering the operational footprint of the refinery, ample access to water, and other existing infrastructure in place, Braya recognizes that the production of green hydrogen can scale beyond its own operational needs. Braya is open to capitalizing on potential opportunities with the successful proponent to scale green hydrogen and green ammonia production, storage, and handling to serve a larger market audience.

As Braya continues to reposition its Come By Chance facility to decarbonize industries using diesel and jet fuel, we have issued this RFP to solicit parties to support us with developing and exploring this opportunity. Proposals are to be submitted by December 19th, 2022.

Further information on the RFP including necessary forms to complete the RFP submission can be found at: www.brayafuels.com/rfp

 

About Braya Renewable Fuels

Braya Renewable Fuels owns and operates the Come By Chance Reinery, located in Newfoundland and Labrador, and is converting it to renewable fuel operations. The reinery has been renamed Braya Renewable Fuels after the provincial braya flower, and is strategically located to deliver fuels to a variety of end markets. The reinery plans to produce renewable diesel and sustainable aviation fuel to help decarbonize the heavy road transport and aviation sectors.

 SOURCE Braya Renewable Fuels

 

Also Published by PR Newswire and Biofuels Digest:

https://www.prnewswire.com/news-releases/braya-renewable-fuels-issues-a-request-for-proposal-for-the-provision-and-potential-production-of-green-hydrogen-301664689.html

https://www.biofuelsdigest.com/bdigest/2022/11/01/braya-renewable-fuels-issues-rfp-for-green-hydrogen/

 

 

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Blackbuck Resources Announces Expansion of Sustainability-Linked Financing

July 18, 2022

July 18, 2022 (HOUSTON) – Blackbuck Resources LLC (“Blackbuck”), which designs, builds, and operates water infrastructure, announced it has expanded its sustainability-linked term loan with Riverstone Credit Partners LLC, a dedicated credit investment platform focused on energy, power, decarbonization, and infrastructure managed by Riverstone Holdings LLC (“Riverstone”).  The upsized financing provides Blackbuck with additional liquidity to execute on accretive growth resulting from recently signed contracts around its Midland Basin and Delaware Basin platforms. The facility’s pricing will be adjusted based upon Blackbuck’s adherence to certain sustainability performance targets, which are defined by key performance indicators set internally by Blackbuck. Blackbuck obtained a second party opinion from Sustainable Fitch that considered the transaction to be aligned with the five pillars of the LSTA Sustainability-Linked Loan Principles.

“The team has been working hard on executing our strategy to bring value to new customers adjacent to our existing platforms. We’re pleased to see this paying off as we continue to sign long-term contracts with new, high-quality customers,” said Blackbuck CEO & President Justin Love. “Riverstone has been a great partner to Blackbuck, and this expansion capital further aligns with our anticipated continued growth in a strong macro environment.”

Foley & Lardner LLP served as legal adviser to Blackbuck.  Baker Botts L.L.P. served as legal adviser to Riverstone.

 

About Riverstone Holdings LLC

Founded in 2000, Riverstone is an investment firm focused on executing private equity and credit investments in energy, power, decarbonization and infrastructure. To date, the Firm has raised approximately $43 billion of capital, which it has deployed across its platform to over 200 portfolio companies since inception. For more information about Riverstone, please visit www.riverstonellc.com.

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Lapis Energy Acquires Key Pore Space Rights in the Baton Rouge Corridor

May 9, 2022

Lapis Energy (Lapis) is pleased to announce that it has completed the lease of over 14,000
acres of carbon pore space rights with a private landowner 20 miles west of New Orleans,
Louisiana. Lapis believes the pore space in the area has the potential to store more than 500
million tones of industrial carbon dioxide, and has already begun technical studies to progress
a Class VI permit for the area. Lapis plans to be ready to begin injection by 2025.

Hamish Wilson, CEO of Lapis, commented, “We are delighted to announce our carbon storage
project in the Baton Rouge-New Orleans corridor of Louisiana, where we have acquired a hub
scale storage resource capable of supporting multiple industrial emitters. Lapis is currently
engaged in commercial discussions with a number of industrial emitters in the region. As
demonstrated by our recent agreement with LSB Industries to sequester industrial carbon
dioxide in Arkansas, Lapis’ subsurface technical excellence, combined with its competitive
commercial offering, is an attractive value proposition to emitters requiring a full carbon
abatement solution.”

“Carbon capture and sequestration are important to Louisiana’s efforts to reduce carbon
dioxide emissions while maintaining jobs and growing our manufacturing base,” said Governor
John Bel Edwards. “This effort is a clear demonstration of our ability to grow the Louisiana
economy while lowering the carbon footprint of industry.”

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Lapis Energy to Develop Carbon Capture & Sequestration Project with LSB Industries

April 28, 2022

Lapis Energy (Lapis) and LSB Industries, Inc. (LSB) (NYSE: LXU) today announced that they entered into an agreement to capture and permanently sequester more than 450,000 metric tons of CO2 per year at LSB Industries’ El Dorado facility in Arkansas. The project will start immediately, with the first CO2 injection expected by 2025, and positions LSB as a leader in the production of blue hydrogen and ammonia via CO2 sequestration. More broadly, the award of this project positions Lapis as a partner of choice for industrial de-carbonisation projects in the United States and internationally.

Hamish Wilson, Lapis CEO stated “The Lapis team is excited and honoured to be selected by LSB to develop this project, and looks forward to working with LSB as it takes its first step in creating and promoting low carbon products. Our vision for Lapis playing a significant role in enabling industrial decarbonisation in both the United States and internationally is becoming a reality and, in working with LSB, we are privileged to be at the forefront of large-scale carbon capture and sequestration (CCS) projects. This project also helps demonstrate that the United Nations’ Intergovernmental Panel on Climate Change (IPCC) recommendations on the role of CCS in achieving global climate change goals are commercially viable.”

The El Dorado project is the first CCS project in the state of Arkansas, and only the third project from ammonia production in the United States. The El Dorado facility is uniquely located above deep geological formations capable of sequestering decades worth of CO2 production from the plant. The project will allow LSB to become one of the first suppliers of low carbon or “blue” ammonia, while reducing its scope 1 GHG emissions by 25%.

Mark Behrman, President, and Chief Executive Officer of LSB Industries, says: “Lapis is the perfect partner for us in our initial low carbon ammonia project given their significant experience and knowledge in the clean energy space. We are pleased to be working with them as we begin what we expect to be the first of several projects that will position LSB as a leader in the decarbonization of hydrogen and ammonia and generate significant long-term value for our shareholders.”

Lapis is enabled by significant funding from Cresta Fund Management (Cresta). Chris Rozzell, Managing Partner of Cresta, commented that “this agreement with LSB further validates our confidence in the Lapis team and their strong technical and commercial approach to CCS projects. We think this project is the first of many on the path to worldwide decarbonization, and we are excited about our role in positioning Lapis to create a world class, pure-play CO2 management company.”

About Lapis Energy LP

Lapis, founded in 2020 by a team of industry-leading experts and backed by Cresta Fund Management, is a Dallas-based, vertically integrated energy infrastructure development firm focused entirely on decarbonization through CCS. With teams located in Europe and Asia Pacific, Lapis is actively building a global portfolio of CCS projects. For more information: www.lapisenergy.com.

About LSB Industries, Inc

LSB Industries, Inc., headquartered in Oklahoma City, Oklahoma, manufactures and sells chemical products for the agricultural, mining, and industrial markets. The Company owns and operates facilities in Cherokee, Alabama, El Dorado, Arkansas and Pryor, Oklahoma, and operates a facility for a global chemical company in Baytown, Texas. LSB’s products are sold through distributors and directly to end customers primarily throughout the United States. Committed to improving the world by setting goals that will reduce our environmental impact on the planet and improve the quality of life for all of its people, the Company is well positioned to play a key role in the reduction of global carbon emissions through its planned carbon capture and sequestration, and zero carbon ammonia strategies. Additional information about LSB can be found on its website at www.lsbindustries.com.

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Come By Chance Refinery (Now Braya Renewable Fuels) Introduces New Executive Team

February 9, 2022

Come By Chance, Newfoundland and Labrador, February 9, 2022 – Braya Renewable Fuels is pleased to announce the new senior leadership team for its Come By Chance refinery facility in Newfoundland and Labrador, adding Frank Almaraz as Chief Executive Officer, Jim Stump as President, Josh Bailey as Chief Commercial Officer, and Luigi Trigilio as Vice President of Logistics.

Cresta Fund Management, a Dallas, Texas-based private equity fund, acquired a controlling interest in the refinery in late-2021 and has been working to build the senior leadership team and convert the facility to renewable diesel and sustainable aviation fuel service with initial nameplate production capacity of 18,000 barrels per day and planned commercial operations in the second half of 2022. The Come By Chance refinery is strategically located, with world-class logistics assets, to source global feedstocks and to sell renewable products into the United States, Canada, and Europe.

“We are pleased with the Braya leadership team additions,” said Chris Rozzell, Cresta’s Managing Partner. “Braya’s new team members bring decades of energy experience and will supplement the excellent team already in place at the Come By Chance refinery.  We are thrilled to see this world-class facility come online as it will provide a critical pathway to decarbonization for existing diesel and jet fuel consumers.”

“We are extremely excited about the future of the renewable fuel industry and the role Braya will play in this fast-growing space. The Come By Chance refinery and leadership team is well positioned to serve as a cornerstone asset to allow Braya to become a leader in renewable fuel production,” said Braya Chief Executive Officer Frank Almaraz. “We are proud to provide safe and sustainable jobs for the community of Come By Chance and the province of Newfoundland and Labrador, supported by a strong working relationship with the refinery’s unions and employees who have been Braya’s biggest asset in the ongoing refinery conversion process. We are confident that the Come By Chance Refinery will become one of the world’s premier renewable fuels facilities for decades to come.”

Recent additions to Braya’s leadership team include:

 FRANK ALMARAZ – Chief Executive Officer
Frank is a seasoned energy executive with extensive experience leading sustainable energy transitions and organizational transformations at large electric and gas utilities. He joins the team from CPS Energy where he served most recently as its Chief Energy & Sustainability Officer. Frank is focused on establishing Braya as a leader in renewable fuels, and on profitable growth of the company as it scales to meet the rapidly growing decarbonization needs of the global transportation sector.

JOSH BAILEY – Chief Commercial Officer
Josh is the former CEO of Eco-Energy Global Biofuels, located in Franklin, Tennessee. He built his career as a leader at Eco-Energy over 14 years, driving Eco’s growth from an early entrant in ethanol marketing to a multi-commodity trading, logistics, and distribution company. Josh will focus on building the commercial capabilities and team that will maximize the value of Braya’s low carbon fuel platform.

JIM STUMP – President of Refining
Mr. Stump has over 30 years of refining experience across operational and leadership roles at sites across the United States. Prior to joining the Braya team, Jim most recently pioneered the successful conversion of the HollyFrontier Cheyenne refinery to renewable diesel operations. He is committed to safety and quality across the operations he supervises and will ensure that Braya Renewable Fuels sees safe and efficient results as it transitions toward producing renewable fuels.

LUIGI TRIGILIO – Vice President of Logistics
Luigi Trigilio has over 15 years of experience in the energy, petrochemical and renewable fuels space and has led logistics, chartering and supply chain efforts for a variety of major industry participants. Luigi most recently led marine operations at Pilot where he managed all vessel chartering for clean and specialty products and structured commercial arrangements for procurement of feedstocks and delivery of finished products. Luigi will enable Braya to utilize a world-class logistics operation for its feedstocks and products.

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Cresta Fund Management and Lapis Energy LP Align to Develop Carbon Capture and Storage Infrastructure That Reduces Greenhouse Gas Emissions

December 24, 2021

Dallas TX, December 24th, 2021 – Cresta Fund Management (“Cresta”) and Lapis Energy LP (“Lapis”
or the “Company”) today announced an agreement for Cresta to fund the Company’s origination,
development and implementation of Carbon Capture and Storage (CCS) and clean hydrogen projects
that enable industrial de-carbonisation critical to the achievement of global net zero goals.

Lapis Energy, a Dallas, Texas-based CCS company formed by a team of experienced energy transition
professionals, brings together the strategic expertise of BluEnergy, a global strategic consultancy
with expertise in CCS, clean hydrogen and the development of low carbon markets, and Viridis
Resources, founded by former key members of Kosmos Energy’s industry leading exploration team.

Under the chairmanship of Brian Maxted, former CEO of Kosmos, Lapis Energy will be led by
experienced energy entrepreneur Hamish Wilson and supported by a senior management team
including Glen Cayley, former VP of Shell UK and Brian Mitchener, former exploration head of BG.

“Lapis Energy brings together an exceptionally talented team of people with a sound plan to identify
and develop CCS opportunities. We fundamentally believe that the permanent sequestration of CO2
has a critically important role to play in enabling Energy Transition. We are excited to align with
Cresta Fund Management in playing a leading role in enabling delivery of the Net Zero challenge”
said CEO, Hamish Wilson. “Our alignment with Cresta allows Lapis to pursue a range of opportunities
which I look forward to being able to provide more detail on in the near future.”

“We are pleased to partner with Lapis Energy on their global portfolio of CCS development
opportunities,” said Chris Rozzell, Cresta’s managing partner. “The team brings a unique skillset and
expertise to solving the complex decarbonization challenges faced by heavy industry and
petrochemical companies, many of which have limited near-term greenhouse gas mitigation
alternatives. We are excited that our investment with Lapis Energy allows us to continue to build on
our diverse portfolio of companies with sustainable business plans that materially reduce GHG
emissions.”

Lapis connects major CO2 emitters with the best CO2 storage sites. The Lapis team comprises leading
industry experts with multiple decades of relevant technical, commercial and project experience
with the biggest companies in the world. As the energy industry undergoes a fundamental
restructuring, Lapis combines the rigour of traditional capital project delivery with the innovation
and entrepreneurial thinking necessary to create industrial scale low carbon solutions. The result is
the effective and efficient development and execution of commercially viable projects enabling
global net zero carbon. Born out of the pandemic & remote working systems, Lapis is driven to
leverage the best of global learning with expert local delivery.

For more information, please visit www.lapisenergy.com

 

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Easton Energy Announces Key Appointments To Management Team

December 8, 2021

December 8, 2021 (HOUSTON) – Easton Energy (“Easton” or the “Company”), a Houston-based infrastructure company that provides transportation and storage services for natural gas liquids, refined products, and petrochemicals, today announced it has appointed G.R. “Jerry” Cardillo as President and Chief Executive Officer effective December 1, 2021. In addition, the Company recently promoted Al Martinez to Chief Commercial Officer from his previous role as Senior Vice President Commercial. The appointments of Mr. Cardillo and Mr. Martinez bring over 80 years of collective experience to the Easton executive team.

Mr. Cardillo brings over 40 years of prior energy industry experience. Mr. Cardillo is a graduate of the United States Merchant Marine Academy and holds an MBA from the University of Louisiana Lafayette. He has been a significant contributor on various upstream, midstream and downstream assignments, most recently as President and CEO at Contanda Terminals LLC (now part of the BWC Terminals). Prior to his role at Contanda, Mr. Cardillo spent over 14 years at Enterprise Products Company where he served as Senior Vice President with overall leadership of the Petrochemicals and Marine services divisions.

Mr. Martinez brings over 40 years of midstream energy experience with extensive industry relationships and institutional knowledge in the Natural Gas Liquids (NGLs) and petrochemical markets. Prior to Easton, Mr. Martinez served as Director of Commercial Development at Martin Midstream. Mr. Martinez spent 35 years at Enterprise Products LP where he served in various leadership roles, most recently as Senior Vice President of NGL Marketing & Supply.

Cresta’s Partner, David Miller, stated, “We’re pleased to add industry veterans Jerry and Al to the Easton executive team and look forward to working with them to continue executing the vision of growth for Easton.”

About Easton Energy

Easton is a Houston based midstream company focused on developing infrastructure assets that support the transportation, storage, and processing of natural gas liquids (“NGLs”), refined products, and petrochemicals. Easton’s primary assets include liquid hydrocarbon salt cavern storage facilities at Markham, TX and approximately 416 miles of product distribution pipelines that connect key markets along the Texas and Louisiana Gulf Coast. Easton is backed by private equity sponsor Cresta Fund Management. For more information, please visit: www.eastonenergy.com.

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Cresta Fund Management to Acquire a Controlling Interest in the Come By Chance Refinery in Newfoundland, Establishing Braya Renewable Fuels as a Global Leader in the Production of Clean Fuels

November 30, 2021

Come By Chance, Newfoundland & Labrador, Canada, November 30, 2021 – Cresta Fund Management (“Cresta”) has acquired a controlling interest in the NARL refinery located in Come By Chance, Newfoundland, re-naming it as Braya Renewable Fuels (“Braya”) following the acquisition.

Braya will convert the warm-idled refinery into renewable diesel and sustainable aviation fuel service with initial production capacity of 14,000 barrels per day and a planned in-service date of mid-2022. The Come By Chance refinery is strategically located, with world-class logistics assets, to source global feedstocks and to sell into the United States, Canada and Europe. Braya also will have the ability to grow and adapt alongside increasing North American renewable fuel demand by making modifications to the facility such as expanding total capacity to 35,000 barrels per day, generating green hydrogen, and expanding feedstock flexibility.

Silverpeak, the prior controlling entity, will continue with a minority interest in Braya Renewable Fuels in alignment with Cresta, and will continue as the controlling entity of NARL Marketing, ensuring the continued supply of fuel to Newfoundland and Labrador and surrounding areas and islands.

Chris Rozzell, managing partner at Cresta said: “We are pleased to make this transformative investment in the Come By Chance refinery 50 years following the facility’s original groundbreaking. We are also grateful to the existing team and the Newfoundland and Labrador government for the work they have done to facilitate our involvement. This refinery has a long history of safe and environmentally conscious operations, supported by a strong and experienced workforce. We’re proud to be associated with this new chapter for the refinery as it fully transitions from fossil fuels to the production of sustainable aviation fuel and renewable diesel fuels that will be critical to decarbonizing the aviation and heavy transport sectors. We also applaud the concrete steps the Government of Canada is taking to meet its climate objectives, and we look forward to a collaboration to position Braya Renewable Fuels to play a vital role in boosting the country’s capacity to produce clean fuels.”

Kaushik Amin, a partner at Silverpeak said: “We are excited to partner with Cresta Funds Management to convert the Come By Chance refinery into one of the largest renewable diesel and sustainable aviation fuel production facilities in the world. With support from the Newfoundland and Labrador Government and the dedicated efforts of the Refinery’s employees, the vision of creating a sustainable business that will provide long-term jobs and vital economic activity in the Province has now come to fruition. Premier Furey and Minister Parsons have played a vital role in helping us sustain the facility during the last year and complete the transaction with Cresta. We would also like to thank Minister Seamus O’Regan and MP Churence Rogers who have provided invaluable support to help bring this vision to life. This conversion adds to our investments in the province of over $400 mm since our acquisition of NARL in 2014 and will help the Canadian Government in achieving its climate change goals.”

About Silverpeak

Silverpeak is an alternative investment management firm focused on creating long-term value for its partners in the real estate and energy sectors. Founded in 2010 and headquartered in New York, Silverpeak has acquired more than USD $21 billion of gross asset value across industries, sectors, and geographies. Further information is available at www.silverpeak.com.

 

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San Joaquin Renewables Secures $165 Million to Build Flagship RNG Project

October 27, 2021

San Joaquin Renewables (SJR) announced today that it reached an agreement with Cresta Fund Management and Silverpeak Energy Partners to invest up to $165 million to develop and construct a biomass to renewable natural gas (“RNG”) project near McFarland, California. Frontline BioEnergy, a leading provider of waste and biomass gasification solutions, is developing the project, which will take orchard residuals and shells from San Joaquin Valley farms and convert them into RNG that will be sold as transportation fuel. The project will also sequester carbon dioxide in an EPA Class VI sequestration well located on the project site. When completed, SJR’s RNG facility will replace the current practice of open burning of agricultural waste with an enclosed system that will produce a non-fossil form of natural gas, capture and store carbon dioxide, and serve as a substitute to diesel; thereby reducing overall greenhouse gas emissions.

Frontline BioEnergy, the project development team, was formed in 2005 to develop, manufacture, and construct biomass and waste gasification technologies. The management team has extensive gasification experience, with a history of successful development and operations, including its Chippewa Valley Ethanol Company facility that converted biomass waste into fuel gas for an ethanol plant.

“The San Joaquin Renewables project will be a showcase for Frontline’s advanced gasification technology,” said Frontline CEO Jerod Smeenk. “The finalization of these agreements will allow us to continue expanding the future of renewable energy technology. We believe this project will serve as a model for many more environmental projects.” For more information, please visit www.frontlinebioenergy.com.

SJR President T.J. Paskach described the project impact. “This project will give California farmers a higher-value outlet for ag waste and will, at the same time, produce super-clean natural gas fuel for displacement of diesel fuel. We’re excited to be building this plant in McFarland and appreciate the collaborative spirit the city leaders have shown us. The environmental benefits to the local residents and the state of California are real and huge.”  For more information, please visit www.sjrgas.com.

“We are pleased to align with the Frontline team to develop the San Joaquin Renewables project,” said Chris Rozzell, Cresta’s managing partner. “The project has the exciting potential to both mitigate greenhouse gas emissions and improve overall air quality in the San Joaquin Valley. Agricultural greenhouse gas emissions, which are notoriously difficult to mitigate, comprised 10% of overall U.S. emissions in 2019. We are glad to contribute to the Frontline team’s efforts to address these emissions.”

“We are excited to partner with Frontline and Cresta to build a largescale RNG project in the San Joaquin Valley, which will significantly reduce agricultural greenhouse emissions from the region,” said Kaushik Amin, a partner at Silverpeak. “The Valley experiences some of the worst air quality in the U.S., and the project provides a proven solution that is supported by the local community.”

About Cresta

Cresta is a growth-oriented private equity firm that invests in sustainable and conventional energy and industrial infrastructure. Founded in 2016 and headquartered in Dallas, Texas, Cresta Management’s founding partners are seasoned industry veterans who bring value across the investment cycle from initial diligence through business operations. For more information, please visit www.crestafunds.com.

About Silverpeak

Silverpeak is an alternative investment management firm focused on creating long-term value for its partners in the real estate and energy sectors. Founded in 2010 and headquartered in New York, Silverpeak has acquired more than $21 billion of gross asset value across industries, sectors, and geographies. For more information, please visit www.silverpeak.com.

Media Contact: info@sjrgas.com

Source: San Joaquin Renewables

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Global Infrastructure Partners Announces Preferred Equity Investment in Easton Energy

September 30, 2021

NEW YORK, NY – September 30, 2021 – Global Infrastructure Partners (“GIP”) announced that it has made a preferred equity investment of up to $245 million in Easton Energy LLC (“Easton”). Easton is a Houston based midstream company focused on developing infrastructure assets that support the transportation, storage, and processing of natural gas liquids (NGL), refined products, and petrochemicals along the Gulf Coast. Easton’s assets include liquid hydrocarbon salt cavern storage facilities in Markham, Texas, and roughly 450 miles of pipelines that connect key product markets along the Texas and Louisiana Gulf Coast.

GIP is making the investment through Global Infrastructure Partners Capital Solutions Fund II (“GIP CAPS II”), part of GIP’s Credit platform (“GIP Credit”). The Easton investment represents the second commitment made by GIP CAPS II. CAPS provides customized credit financings for infrastructure issuers in GIP’s core sectors of midstream energy, power, renewables, energy transition, transport and water/waste, while leveraging GIP’s significant operating expertise.

Proceeds from the investment will be used to fund the organic growth of Easton’s asset base and other strategic growth opportunities, with a tailored delayed draw structure to support both existing and future growth projects. Easton is backed by Cresta Fund Management, a growth-oriented, middle market-focused private equity firm that invests in sustainable and conventional energy, industrial, materials, and agricultural infrastructure. The highly experienced Easton management team brings considerable experience in managing natural gas liquids and feedstock transportation and distribution services.

Denny Sreckovic, Managing Director at GIP, said: “We are very pleased to have entered into this transaction with Easton and its sponsor, Cresta. Easton’s assets provide services that are core to its Gulf Coast midstream and petrochemical customers. This investment exemplifies GIP’s ability to provide tailored financing solutions for high quality, critical infrastructure projects and partner with experienced management teams and sponsors.”

Brad Ramsey, President and CEO of Easton, said: “We welcome this opportunity to partner with GIP, a leading infrastructure investor with experience in the midstream sector. GIP was able to tailor a Preferred Equity financing structure that optimally supports our continued growth capital needs and complements our existing capital structure. We view GIP as an important financial partner as Easton looks to continue its strategic infrastructure expansion.”

Evercore acted as financial advisor to Easton and the company received legal counsel from, Willkie Farr & Gallagher. Latham & Watkins provided legal counsel to GIP.

About Global Infrastructure Partners

Global Infrastructure Partners (“GIP”) is an independent infrastructure fund manager that makes equity and debt investments in infrastructure assets and businesses. GIP targets investments in the energy, transport, digital infrastructure, and water/waste sectors in both OECD and select emerging market countries. GIP’s teams are located in 10 offices: London, New York, Stamford (Connecticut), Sydney, Melbourne, Brisbane, Mumbai, Delhi, Singapore and Hong Kong. GIP Credit provides financing solutions and makes debt and non-common equity investments in infrastructure assets and companies. For more information, visit www.global-infra.com.

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Sentinel Midstream Announces New Joint Venture Serving the Houston Energy Market

October 4, 2021

RICHARDSON, TexasOct. 4, 2021 /PRNewswire/ — Sentinel Midstream Texas LLC (“Sentinel”) today announced the formation of a joint venture with ExxonMobil Pipeline Company that owns crude oil pipelines and related transportation infrastructure in the Houston area. The joint venture, Enercoast Midstream LLC (“Enercoast”), provides the critical last-mile link for Permian, Gulf of Mexico, and other barrels in the Houston crude oil market.

For the joint venture, ExxonMobil will contribute two existing crude oil pipelines into Enercoast: a 16-inch pipeline originating at Webster Terminal with delivery points at ExxonMobil’s Baytown Refinery and Seabrook export terminal and a 20-inch crude pipeline with access to Moore Road station. Sentinel contributed cash for a majority equity position and will be the operator for the joint venture.

As operator, Sentinel brings an experienced, results-oriented management team with a proven track record of maximizing value while maintaining its core values of safe, reliable operations and environmental stewardship.  Sentinel will undertake efforts to commercialize capacity on Enercoast’s system while pursuing opportunities to grow it’s operating footprint by building or acquiring new pipelines.

“We are extremely pleased to establish a joint venture with ExxonMobil to maximize the potential of Enercoast,” said Jeff Ballard, President and CEO of Sentinel.  “Sentinel looks forward to the opportunity to serve ExxonMobil and other shippers in the Houston market.”

Enercoast began serving shippers as a common-carrier pipeline on October 1, 2021.  Enercoast’s tariffs are available on Sentinel’s website.

About Sentinel

Sentinel is headquartered in Richardson, Texas, offering midstream solutions for crude oil transportation, storage, and terminalling.  Sentinel is backed by Cresta Fund Management, a middle-market infrastructure firm focused on investing in hard assets that transport, store, process or sequester basic materials.

For more information about Sentinel, please visit www.sentinelmidstream.com.

SOURCE Sentinel Midstream

Related Links

www.sentinelmidstream.com

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Cresta Fund Management and LF Bioenergy align to develop, own and operate renewable natural gas production facilities that mitigate greenhouse gas emissions.

July 7, 2021

Dallas, TX, June 30, 2021 – Cresta Fund Management (“Cresta”) and LF Bioenergy (“LF”), an experienced team with renewable natural gas (“RNG”) experience and extensive agriculture industry relationships, have aligned to develop, own and operate RNG production facilities serving industry sectors requiring organic waste management.  LF’s RNG facilities will reduce greenhouse gas emissions and help U.S. farmers and industrial and food processing companies mitigate their organic waste management challenges, and achieve their carbon emission reduction objectives. RNG facilities have a particularly valuable greenhouse gas mitigation role, as they capture and re-direct methane emissions, which are 25-30x more damaging than carbon dioxide emissions.

The LF team intends to leverage its deep experience in the oil, gas, renewable energy and animal agricultural industries, along with Cresta’s renewable fuels market knowledge, to develop industry-best RNG production facilities serving the agricultural and food sectors.  Brent Lilienthal, CEO of LF Bioenergy, stated, “We are excited to partner with Cresta, as currently there are a limited number of sophisticated asset developers and operators in the RNG sector, and we intend to capitalize on that.”

LF will initially endeavor to work with U.S. farmers in the dairy sector with long-term partnerships to upgrade waste management practices. Mr. Lilienthal commented, “LF provides turn-key RNG solutions tailored for site specific design, safety and operational excellence that allows our farmer partners to greatly enhance long-term operational profitability and environmental stewardship. When a farmer partners with LF Bioenergy, we roll up our sleeves together to find the optimum design for each unique farm’s needs.”

Cresta’s Managing Partner, Chris Rozzell, said “We look forward to working with LF Bioenergy, a best-in-class developer and operator of RNG assets.  This partnership represents an opportunity for Cresta to invest in infrastructure that produces and delivers renewable fuels that are a drop-in replacement of conventional fuels and help decarbonize the agriculture sector, which was responsible for ~10% of all U.S. greenhouse gas-equivalent emissions in 2018.”

Inquiries can be directed to Brian Flis at LF Bioenergy, bflis@lfbioenergy.com or Cyn French, cfrench@lfbioenergy.com

Cresta is a growth-oriented private equity firm that invests in sustainable and conventional energy and industrial infrastructure. Founded in 2016 and headquartered in Dallas, Texas, Cresta Management’s founding partners are seasoned industry veterans who bring value across the investment cycle from initial diligence through business operations. For more information, please visit: www.crestafunds.com.

LF Bioenergy (“LF”) is an RNG development and operating company founded by a management team with experience in the oil, gas, renewable energy and animal agriculture industries. LF partners with industry leading technology providers to tailor RNG infrastructure solutions that allow their partners to improve profitability and reduce greenhouse gas emissions.

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Sentinel Midstream’s “Texas Gulflink” Deepwater Port Achieves Major Milestone

November 30, 2020

Richardson, Texas – November 30, 2020 – Sentinel Midstream LLC, through its subsidiary Texas GulfLink, LLC, announced today that the United States Coast Guard and United States Maritime Administration have released Texas GulfLink’s Draft Environmental Impact Statement (“DEIS”).  This is a critical step in the regulatory process toward receiving a license to operate a deepwater port.   Texas GulfLink is a planned deepwater crude oil export facility, to be located off the coast of Freeport, Texas, that will be capable of fully loading Very Large Crude Carrier (“VLCC”) tankers.

“The Texas GulfLink team has been actively working with the United States Maritime Administration and the United States Coast Guard to timely address questions and provide additional information relevant to the DEIS.  We are pleased with the release of the DEIS, which represents a major milestone in our goal of obtaining a deepwater port license. Recognizing these are challenging times for the energy industry, we strongly believe that the energy market will recover as global demand stabilizes and that Texas GulfLink will be uniquely positioned to benefit from this recovery. It will address the current VLCC loading limitations off the Texas coast by offering a more safe, reliable, and economic crude oil movement solution,” said Sentinel Midstream President and CEO Jeff Ballard.  “We believe Texas GulfLink is the infrastructure that is needed for the US to link domestic crude oil supply with global markets, especially through chartered VLCCs bound for Asia.”

“In addition,” Ballard continued, “Texas GulfLink will allow for more efficient loading of VLCC’s, which will significantly reduce overall emissions, including carbon and other greenhouse gases, by approximately 80% when compared to the cumulative effects of reverse lightering, the current ship-to-ship transfer practice off the Texas Coast.”  “Another advantage for Texas GulfLink,” Ballard added, “is that it will reduce congestion in shore-based ports, delivering additional environmental and safety benefits.  All of these factors lead us to believe that Texas GulfLink will be a major step forward for US crude oil exports and a driving factor toward a low-carbon emissions future.”

Texas GulfLink will include an onshore oil storage terminal connected by a 42” pipeline to a manned offshore platform approximately 30 miles off the Gulf Coast.  From the platform, the crude oil will be transported to two Single Point Mooring buoys to allow for VLCCs to receive up to two million barrels of crude oil with loading rates up to 85,000 barrels per hour.  Designed with safety in mind, the offshore platform will have around-the-clock monitoring, which will provide shippers with a safe and reliable mooring operation for VLCCs and other crude oil tankers.

About Sentinel Midstream

Sentinel Midstream is headquartered in Richardson, Texas, offering first-class midstream solutions for crude oil transportation, storage, and terminalling.  Sentinel’s management has a successful track record of unlocking value for customers by creating tailored commercial solutions. Sentinel is backed by Cresta Fund Management, a middle-market infrastructure firm focused on investing in hard assets that transport, store, process or sequester basic materials. For more information, please visit www.sentinelmidstream.com and www.texasgulflink.com.

Phone:  214.613.3493 and email: info@sentinelmidstream.com

Texas GulfLink Contacts

Public Relations & Media: info@sentinelmidstream.com
Vendor & Contractor: Vendorinquiry@sentinelmidstream.com
Regulatory & Permitting: Regulatoryinquiry@sentinelmidstream.com

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Blackbuck Resources Acquires Whites City Water Infrastructure from Cimarex Energy Co.

October 1, 2020

Houston, Oct. 01, 2020 (GLOBE NEWSWIRE) — Blackbuck Resources LLC (“BBR”), which designs, builds and operates water infrastructure, announced it has closed on a transaction to purchase Cimarex Energy Co.’s (“Cimarex”) Whites City water infrastructure in Eddy County, New Mexico. The acquired assets include approximately 65 miles of pipeline and 100,000 barrels per day of installed and permitted disposal capacity. As part of the sale, Cimarex has agreed to a 15-year acreage dedication in the Whites City area, which encompasses more than 40,000 acres, for the gathering, disposal and recycling of its produced water.

“This investment represents another significant milestone for Blackbuck, further validating our unique value proposition and industry-leading platform,” said Justin Love, CEO of Blackbuck Resources. “We are excited to establish long-term alignment with Cimarex, a company which continues to demonstrate and build on its strong reputation as a thought leader in our industry. This acquisition will significantly grow our Delaware Basin platform and overall footprint, further enhancing Blackbuck’s ability to provide our customers economic and reliable water management solutions.”

Kirkland & Ellis LLP served as legal advisers to BBR on the transaction.

About Blackbuck Resources

Based in Houston and Midland, BBR designs, builds, and operates water infrastructure and provides services for the oil and gas industry, with a primary focus on the Permian Basin. The team is comprised of professionals with experience in water disposal and treatment, pipeline management and oil and gas operations. BBR is backed by private equity sponsor Cresta Funds Management. For more information, visit www.blackbuckresources.com.

About Cimarex Energy Co.

Denver-based Cimarex Energy Co. is an independent oil and gas exploration and production company with principal operations in the Permian Basin and Mid-Continent areas of the U.S.

About Cresta Fund Management

BBR is a portfolio company of Cresta Fund Management (“Cresta”), a middle-market focused infrastructure firm with a conservative, value-added approach to investing in hard assets that transport, store, process or sequester basic materials. Founded in 2016 and headquartered in Dallas, Texas, Cresta’s founding partners are seasoned industry veterans who bring value across the investment cycle from initial diligence through business operations.

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Sentinel Midstream And Freepoint Commodities Execute Agreements On Texas Gulflink’s Deepwater Crude Oil Export Facility

January 22, 2020

Dallas, Texas – January 22, 2020 – Sentinel Midstream, LLC, through its subsidiary Texas GulfLink, LLC, today announced its alignment with Freepoint Commodities LLC (“Freepoint”) in furtherance of the construction, operation, and utilization of Texas GulfLink.   Texas GulfLink is a deepwater crude oil export facility that will be located off the coast of Freeport, Texas, and will be capable of fully loading Very Large Crude Carrier (VLCC) vessels.

Texas GulfLink will include an onshore oil storage terminal connected by a 42” pipeline to a manned offshore platform approximately 30 miles off the Gulf Coast.  From the platform, the oil will be transported to two Single Point Mooring buoys to allow for VLCCs to receive two million barrels of crude oil with loading rates up to 85,000 barrels per hour.  Designed around safety, the offshore platform will have around-the-clock monitoring, which will provide shippers with a safe and reliable mooring operation for VLCCs and other crude carrier vessels.

“We are pleased with the additional level of commercial support that Freepoint’s involvement will provide to Texas GulfLink.  As the project continues to move forward with the deepwater crude oil license application process, Sentinel is excited that Freepoint has chosen to align with Texas GulfLink and will utilize their substantial global and commercial resources to create value for their customers,” said Sentinel Midstream President and CEO, Jeff Ballard.  “Through their Asian market focus, Freepoint will lead efforts to meet the growing demand from Asian refineries for US produced crude oil.”

“Freepoint recognizes the significant experience that the Texas GulfLink team has in deepwater port projects and the team’s ability to construct and operate to the highest standards,” said Freepoint CEO David Messer.  “The Texas GulfLink project will help meet the demands our customers have to reliably source US crude oil through a neutral infrastructure export option.”

About Sentinel Midstream

Sentinel Midstream is headquartered in Richardson, Texas, offering first-class midstream solutions for crude oil transportation, storage, and terminaling. Sentinel’s management has a successful track record of unlocking value for customers by creating tailored commercial solutions. For more information, please visit: www.sentinelmidstream.com

Phone:  214.613.3493 and email:  info@sentinelmidstream.com

About Freepoint Commodities
Freepoint Commodities is a leading global commodities merchant with presence in North America, Europe and Asia. The company provides trading, financing, and logistics solutions and services across a wide range of commodity markets, leveraging its expertise in global infrastructure and supply chains, and strong legacy in merchant energy and metals. Freepoint is headquartered in Stamford, CT and has over 430 employees worldwide. For more information, please visit:  www.freepoint.com

Phone: 203.542.6000

Freepoint Media Contact
Serra Saridereli
RF|Binder
212.994.7561
serra.saridereli@rfbinder.com

Texas GulfLink Contacts

Public Relations & Media: info@sentinelmidstream.com
Vendor & Contractor: Vendorinquiry@sentinelmidstream.com
Regulatory & Permitting: Regulatoryinquiry@sentinelmidstream.com

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Sentinel Midstream Submits License Application For A Deepwater Crude Oil Export Facility

June 3, 2019

Dallas, Texas – June 3, 2019 – Sentinel Midstream, LLC, through its subsidiary Texas GulfLink, LLC, today announced that on May 30, it submitted a license application with the U.S. Maritime Administration (MARAD) to construct and operate a deepwater crude oil export facility. The port will be located off the coast of Freeport, Texas, and will be capable of fully loading Very Large Crude Carrier (VLCC) vessels.

Texas GulfLink will include an onshore oil storage terminal connected by a 42” pipeline to a manned offshore platform approximately 30 miles off the Gulf Coast. From the platform, the oil will be transported to two Single Point Mooring buoys to allow for VLCCs to receive two million barrels of crude oil with loading rates up to 85,000 barrels per hour. The offshore platform will have around-the-clock monitoring, which will provide shippers with a safe and reliable mooring operation for VLCCs and other crude carrier vessels.

“With the submission of the license application to MARAD, Texas GulfLink has completed a major milestone towards receiving approval to construct and operate a deepwater crude oil export facility. As the neutral infrastructure export solution for shippers, Texas GulfLink will provide a necessary crude oil export outlet for the expected increase in U.S. crude oil production,” said Sentinel Midstream President and CEO, Jeff Ballard. “Texas GulfLink will utilize its team’s significant deepwater port experience and expertise to construct and operate with the highest commitment to safety, reliability, and environmental standards.”

Project financing is being provided by Cresta Fund Management. Cresta Managing Partner Chris Rozzell said, “We are pleased with the commercial support Texas GulfLink has received and the continued strong interest from shippers who recognize the need for additional export capacity. By reducing capacity constraints in Gulf Coast ports and creating an economic oil export outlet, Texas GulfLink will allow U.S oil producers to continue to develop and increase U.S. oil production without potential production curtailments due to lack of export capacity.”

Abadie-Williams served as the primary engineering and regulatory consultant and Kean Miller LLP served as the lead legal advisor on behalf of Texas GulfLink.

About Sentinel Midstream

Sentinel Midstream is headquartered in Dallas, Texas, offering first-class midstream solutions for crude oil transportation, storage, and terminaling. Sentinel’s management has a successful

track record of unlocking value for customers by creating tailored commercial solutions. For more information, please visit: www.sentinelmidstream.com

About Cresta Fund Management

Cresta Fund Management is a Dallas-based private equity firm focused on middle market infrastructure investments across energy and related sectors. Cresta was founded in 2016 by energy infrastructure professionals who understand that executing on successful value add investment opportunities requires a unique perspective and a partnership mindset. For more information, please visit: www.crestafunds.com

Contacts

Public Relations & Media: info@sentinelmidstream.com
Vendor & Contractor: Vendorinquiry@sentinelmidstream.com
Regulatory & Permitting: Regulatoryinquiry@sentinelmidstream.com
Cresta Fund Management, Dena Peterson, dena.peterson@crestaenergy.com

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Sentinel To Develop Texas Gulflink Crude Oil Export Terminal

February 12, 2019

Sentinel Midstream, Dallas, has reported plans to development Texas GulfLink, a proposed deepwater crude oil export terminal near Freeport, Tex. The completed facility will be capable of fully loading very large crude carrier vessels.

Texas GulfLink will include an onshore terminal with as much as 18 million bbl of storage, an offshore 42-in. pipeline, and a manned offshore platform to facilitate port operations with two catenary anchor leg mooring single-point mooring buoys.

Projected export loading rates will be as much as 85,000 bbl/hr, with a nominal capacity of 1.2 million b/d over the course of a year.

“Texas GulfLink will provide the United States with an economical solution to clear the over-supply barrels destined for the Gulf Coast,” said Jeff Ballard, Sentinel Midstream president and chief executive officer. “We have compiled a team of industry leading professionals who possess unique experience in construction and operations of deepwater ports and are well positioned to leverage that experience as prudent operators.”

Over the past year, Sentinel Midstream developed Texas GulfLink in conjunction with multiple stakeholders, including federal, state, and local agencies. The project has secured necessary commercial support to justify the capital investment and is preparing its submission of a formal permit with the US Maritime Administration.