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Par Pacific Holdings, Inc. Par Pacific, Mitsubishi Corporation, and ENEOS Corporation have formed a joint venture. It’s called Hawaii Renewables, LLC. This venture aims to boost renewable fuel production in Kapolei, Hawaii.
Mitsubishi and ENEOS will form Alohi Renewable Energy, LLC. This company will buy a 36.5% stake in Hawaii Renewables for $100 million in cash. Par Pacific will keep the rest of the ownership. It will also lead project execution and operations through its affiliate, Par Hawaii Refining, LLC. The project has a strong capital structure. It also enjoys strategic benefits in operating and distribution costs.
The facility is being built now. It should be finished and fully operational by the end of the year. Hawaii Renewables will launch as the state’s biggest renewable fuels plant. It will make about 61 million gallons of renewable diesel (RD), sustainable aviation fuel (SAF), renewable naphtha, and low-carbon liquefied petroleum gases each year.
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The facility is flexible. It will start by making up to 60% SAF. This supports the decarbonization of Hawaii’s air travel. It can also adjust yields toward RD based on market changes. It will use Par Pacific’s refining and logistics assets. It will also include Lutros, LLC’s advanced pretreatment technology. This setup allows for efficient processing of various feedstocks. These efforts match the larger goal of reducing greenhouse gas emissions. They also aim to keep energy secure for Hawaii’s consumers.
The partnership brings together key strengths: Par Pacific’s strong operations on the West Coast and in the Pacific, and Mitsubishi’s global network along with access to Petro-Diamond Inc. terminal in Long Beach, California. ENEOS is skilled in fuel refining and trading in Asia-Pacific and North America.
“We’re excited to team up with Mitsubishi and ENEOS for this joint venture,” said Will Monteleone, President & CEO of Par Pacific. “This collaboration combines our strengths in feedstock sourcing, market access, and operational scale throughout the Pacific Basin.”
Masaru Saito, Group CEO of Mitsubishi’s Environmental Energy Group, added, “We are honored to join Par Pacific in this venture. It’s a pivotal step in our SAF initiative, helping decarbonize aviation across Hawaii and beyond with our global procurement and sales capabilities.”
Marcus Echigoya, Senior Vice President and Managing Executive Officer at ENEOS, stated, “We see this project as key to delivering a stable energy supply and moving toward a carbon-neutral society. ENEOS will support the initiative by applying our expertise in refining, marketing, and feedstock sourcing.”
The joint venture is subject to customary closing conditions and regulatory approvals. Lazard served as financial advisor to Par Pacific for the transaction.
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