Sumitomo to lead Japanese-based investment consortium to support Louisiana Green Fuels FID

In Louisiana, Strategic Biofuels and Sumitomo Corporation of Americas (SCOA), a subsidiary of Sumitomo Corporation have entered into a Joint Development Agreement for the Louisiana Green Fuels (LGF) project at the Port of Columbia in Caldwell Parish, Louisiana. 

SCOA will take an anchor position and lead the formation of a Japanese-based investment consortium aimed at funding the majority of development capital needed to carry the project to Financial Investment Decision (FID) and commencement of construction in early 2025. As part of the agreement, SCOA will also acquire rights at FID to participate for a portion of the full project equity requirement. In a decisive strategic shift related to the investment, Strategic Biofuels also unveiled plans to change its primary renewable fuel product to sustainable aviation fuel (SAF). SCOA intends to provide a 20-year offtake for the approximately 640 million gallons of renewable fuels produced as well as all state and federal renewable fuel credits.