Three top dogs bring $365M to Bakersfield renewable diesel retooling project

June 3, 2020 |

In New York state, Orion Energy Partners, GCM Grosvenor and Voya Investment Management teamed to invest $365 million to retool a portion of an existing oil refinery in Bakersfield into a renewable diesel bio-refinery. The project will use Global Clean Energy Holdings’s proprietary camelina oil as well as traditional biofuel feedstocks such as waste fats, oils and greases to produce RD and other renewable products (liquid propane, naphtha).  RD is an established ‘drop in replacement’ fuel for diesel, is 100% sustainable and can reduce greenhouse gas emissions by up to 80% when compared to conventional diesel.  The project’s output will be sold under a long-term offtake agreement with a multinational oil major.

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Category: Fuels

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