Mitsubishi Corp. and ENEOS Corp. have signed definitive agreements to invest in what they tout will be Hawaii’s largest renewable fuels plant, already under construction at Par Pacific Holdings Inc.’s refinery in Kapolei.
The facility is expected to start production by year-end with a capacity of about 61 million gallons a year, the three companies said in a joint statement.
Houston, Texas-based Par Pacific and Japanese companies Mitsubishi and ENEOS will form a joint venture called Hawaii Renewables LLC for the project.
ENEOS and Mitsubishi will create Alohi Renewable Energy LLC, which will buy a 36.5 percent stake in Hawaii Renewables for $100 million in cash. Par Pacific will retain majority ownership and lead the project’s execution and operation.
“Once fully operational, Hawaii Renewables will be the state’s largest renewable fuels manufacturing facility and is expected to produce approximately 61 million gallons per year of renewable diesel, sustainable aviation fuel, renewable naphtha and low-carbon liquified petroleum gases”, the companies said.
The plant will initially produce up to 60 percent SAF with flexibility to process different feedstocks and “shift yields to RD based on market conditions”, they said.
“The project’s attractive capital cost, along with its operating and distribution cost advantages, are key differentiators”, the companies said.
“Hawaii Renewables will leverage Par Pacific’s existing refining and logistics infrastructure and Lutros LLC’s new and advantaged pretreatment technology”.
Par Pacific says it owns and operates 219,000 barrels per day of refining capacity across four sites in Hawaii, the Pacific Northwest and the Rockies. It also has 13 million barrels of storage capacity, as well as marine, rail, rack and pipeline assets.
The Hawaii renewable fuels plant will have access to Mitsubishi’s Petro-Diamond Inc. Terminal in Long Beach, California.
“As Japan’s leading energy company, ENEOS will strengthen the partnership by leveraging its historical success in fuel refining and trading across Asia-Pacific and North America”, the statement said.
Par Pacific president and chief executive Will Monteleone said, “Creating the Hawaii Renewables joint venture brings together the best of our three organizations and yields additional scale and expertise across feedstock origination, commercial optimization, and market access throughout the Pacific Basin”.
The establishment of the joint venture requires regulatory approvals and customary closing conditions, the companies said.
The Hawaii project is one of two SAF projects that the United States Energy Information Administration expects to come onstream in the country this year, the other being the New Rise Reno plant in Nevada.
The Reno plant started operation early 2025 with a nameplate capacity of 38 million gallons a year.
The owner, which rebranded to XCF Global Inc. after merging with Focus Impact BH3 Acquisition Co., announced earlier this month an investment plan of nearly $1 billion over the next three years to build a global SAF production portfolio.
Four of the projects under the plan are in the U.S., including the Reno plant. The three projects still to be built is planned to each have a capacity of 40 million gallons per annum.
New Rise Reno 2 is planned to be completed 2027. Another project in Ft. Myers, Florida, will be built on a site with access to port infrastructure and is expected to be completed 2028. The third, also targeted for start-up 2028, will rise in Wilson, North Carolina, eyeing East Coast markets.
To contact the author, email jov.onsat@rigzone.com
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