Camber Energy to acquire New Rise renewable diesel project near Reno, Nevada

The New Rise Renewables Reno project (Photo: Greater Commercial Lending)

Camber Energy Inc. has entered into an agreement with RESC Renewables Holdings LLC to purchase the New Rise Renewables Reno renewable diesel project in Storey County, Nevada.

The plant is scaled to produce 43 million gallons per year.

According to an 8-K filing with the U.S. Securities and Exchange Commission, the purchase price is anticipated to be $750 million, less the $251 million in outstanding liabilities and indebtedness of the acquired companies.

The project has made numerous headlines in the past 14 months.

In late 2021, Viking Energy Group Inc. agreed to purchase the project, which never materialized.

In spring 2022, the project entered into a ground sale and leaseback arrangement with Twain Financial Partners in order to secure the capital needed to complete construction.

Most recently, in August, officials inaugurated the facility, which, at the time, was expected to begin producing this month.