Northwest Advanced Bio-Fuels (NWABF) has secured a Memorandum of Understanding (MoU) for its sustainable aviation fuel (SAF) project in Washington State.
The MoU was signed with Stonepeak Infrastructure Partners, a leading independent investment firm with a long history of supporting critical North American infrastructure investment.
This potential $600 million (€504 million) investment will be used to partially fund the construction of the project and repay prior development, design and engineering stage costs.
The project has a long-term 60 million gallon-per-year off-take agreement, one of the largest airline off-take agreements of its kind to purchase SAF.
As originally announced with Delta Air Lines in January 2020, and as affirmed in March 2021, NWABF is a key partner to help Delta achieve zero-impact aviation.
This is a major milestone for the SAF industry and airlines to move further with commitments to achieving carbon neutrality and combating climate change in the aviation sector.
NWABF principal David Smoot said: “As we developed this project, our incredible NWABF team focused on getting every step right in the process, so that we would have a workable platform to use for future opportunities. “Stonepeak Partners saw our dedication and diligence in paying attention to details, and that brought us together to work out terms of a mutually beneficial, long-term strategic investment partnership.”