PARR - Par Pacific Announces Hawaii Renewable Cogeneration Facility Development Plans | Benzinga
HOUSTON, Dec. 08, 2023 (GLOBE NEWSWIRE) -- 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 ...