Par Pacific Announces Hawaii Renewable Cogeneration Facility Development Plans
09 Décembre 2023 - 2:37AM
Par Pacific Holdings, Inc. (NYSE: PARR) (“Par
Pacific” or the
“Company”) today
announced that its 30 Megawatt renewable cogeneration development
project was selected as a finalist by Hawaiian Electric in
connection with a January 2023 request for proposals for firm,
renewable-fired electricity generation. The project will be
constructed at the Company’s Kapolei refinery and take advantage of
existing infrastructure. It will also provide a local outlet for a
portion of the renewable liquid fuels produced by the previously
announced renewable hydrotreater conversion project. The
quick-start cogeneration facility is expected to begin commercial
operations by 2028, supporting the state’s renewable energy
objectives.
“We are excited to advance our renewable initiatives in support
of Hawaii’s decarbonization goals,” said Will Monteleone, President
of Par Pacific. “The cogeneration project aligns with our
renewables strategy of investing in our people and assets to meet
the evolving energy needs of our communities.”
The project plans to utilize the latest generation,
high-efficiency equipment to flexibly produce renewable power. At
full capacity, the facility will be capable of generating enough
power to supply 30,000 homes. Final terms and
conditions of the potential investment and offtake agreement with
Hawaiian Electric are expected to be negotiated during 2024. The
project will remain subject to customary regulatory and government
approvals, including approval by the Hawaii Public Utility
Commission (PUC).
“A reliable, affordable, and low-carbon source of energy is
important to all of us in Hawaii,” said Eric Wright, President of
Par Hawaii. “Par Hawaii is proud to be partnering with Hawaiian
Electric to generate electricity from low-carbon, renewable
sources.”
In April, Par Pacific announced a $90 million investment to
develop the state’s largest liquid renewable fuels manufacturing
facility. The project, which is expected to be commissioned in
2025, will produce approximately 61 million gallons per year of
sustainable aviation fuel, renewable diesel, renewable naphtha, and
renewable liquified petroleum gases. Renewable fuels provide a
low-carbon alternative to fossil fuels and are considered a
“drop-in” replacement for conventional diesel, jet fuel, and other
fuels used to generate electricity.
About Par Pacific
Par Pacific Holdings, Inc. (NYSE: PARR), headquartered in
Houston, Texas, is a growing energy company providing both
renewable and conventional fuels to the western United States. In
the Pacific Northwest and the Rockies, Par Pacific owns and
operates 124,000 bpd of combined refining capacity across three
locations and an extensive energy infrastructure network, including
7.6 million barrels of storage, and marine, rail, rack, and
pipeline assets. In addition, Par Pacific operates the “nomnom”
convenience store chain and supplies ExxonMobil-branded fuel retail
stations in the region. Par Pacific owns and operates one of the
largest energy infrastructure networks in Hawaii with 94,000 bpd of
operating refining capacity, a logistics system supplying the major
islands of the state and Hele-branded retail locations. Par Pacific
also owns 46% of Laramie Energy, LLC, a natural gas production
company with operations and assets concentrated in Western
Colorado. More information is available at www.parpacific.com.
Forward-Looking Statements
This news release includes certain “forward-looking statements”
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, which are intended to qualify for the “safe harbor” from
liability established by the Private Securities Litigation Reform
Act of 1995. All statements other than statements of historical
fact are forward-looking statements. Forward-looking statements
include, without limitation, statements about Par Pacific's plans
to invest in renewable fuels production. There can be no assurances
that Par Pacific will be successful in its renewable fuels
production efforts, which are subject to various risks and
uncertainties. We cannot provide assurances that the assumptions
upon which these forward-looking statements are based will prove to
have been correct. Should one of these risks materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those expressed or implied in any forward-looking
statements, and investors are cautioned not to place undue reliance
on these forward-looking statements, which are current only as of
this date. We do not intend to update or revise any forward-looking
statements made herein or any other forward-looking statements as a
result of new information, future events or otherwise. We further
expressly disclaim any written or oral statements made by a third
party regarding the subject matter of this news release.
Public Affairs Contact
Marc Inouye Par HawaiiDirector, Government and Public
Affairs(808) 352-2479minouye@parpacific.com
Investor Contact
Ashimi PatelPar PacificDirector, Investor Relations and
Renewables(832) 916-3355apatel@parpacific.com
Par Pacific (NYSE:PARR)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Par Pacific (NYSE:PARR)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024