On April 20, 2023, Braya Renewable Fuels, a Canadian producer of low-emission renewable fuels, announced a significant $300 million investment from Energy Capital Partners (ECP). This investment marks the completion of funding for converting Braya's Come-By-Chance refinery in Newfoundland and Labrador into a renewable fuel operation. The conversion will enable the refinery to process and refine renewable feedstocks, contributing to the production of renewable diesel, sustainable aviation fuel, hydrogen, and ammonia, offering alternatives to fossil fuels.

The investment also complements Braya's agreement with ABO Wind for the development of green hydrogen production, which will serve both Braya's needs and global export demands for green ammonia. The operational phase of the project is set to initially supply 18,000 barrels per day of low carbon renewable fuel, with plans for further expansion and enhanced production.

Braya's current owners, Cresta Fund Management and North Atlantic Refining Corp. (managed by Silverpeak), are joined by ECP in this venture. The transaction was advised financially by Lazard, while legal representation for Braya included Kirkland & Ellis LLP, Norton Rose Fulbright Canada LLP, McInnes Cooper, and Sidley Austin LLP. ECP was legally represented by Latham & Watkins and Blake, Cassels & Graydon LLP. This investment is seen as a major step towards Braya becoming a leading independent renewable fuel producer and is reflective of ECP's commitment to supporting energy transition infrastructure.