St. Bernard Renewables Celebrates Partnership at Chalmette Biorefinery
CHALMETTE, La. — On June 28, global energy company Eni Sustainable Mobility SpA and PBF Energy Inc. announced the closing of a 50-50 joint venture partnership in St. Bernard Renewables, an operating biorefinery co-located with PBF’s Chalmette Refinery. On July 18 Executives from Eni and PBF made it official at a ribbon cutting and celebration with representatives from St. Bernard Parish Government, state officials and community leaders.
“On behalf of all our employees, I would like to thank the State of Louisiana, St. Bernard Parish government, school board, sheriff and the community for your support through this process that will make St. Bernard Renewables part of the green energy future,” said Rex Butcher, the company’s general manager.
Details about the the deal from a press release:
“PBF’s affiliate contributed the biorefinery and other assets comprising the business to SBR and Eni Sustainable Mobility’s affiliate has committed to make capital reimbursements and contributions totaling $835 million to PBF, of which $431 million was paid at closing. The remainder of the total consideration will be contributed by Eni Sustainable Mobility upon start-up of the pre-treatment unit. An additional $50 million in contingent consideration will be paid by Eni Sustainable Mobility subject to the achievement of certain project milestones and performance criteria.”
“Closing the St. Bernard Renewables biorefinery 50% acquisition and creating a dedicated joint venture together with an important US industrial partner as PBF confirms the relevance of biofuels in Eni Sustainable Mobility, which is already running two biorefineries in Italy, and it is a further step on the path to decarbonize transports, including ‘hard to abate’ sectors such as heavy duty” said CEO of Eni Sustainable Mobility Stefano Ballista.