Montana Renewables announces timing update for DOE loan facility

Photo: Montana Renewables LLC

Calumet Inc. announced Jan. 28 that it has been informed by the U.S. DOE Loan Programs Office that the first tranche of approximately $782 million under the guaranteed loan facility that was previously approved for funding will undergo a tactical delay to confirm alignment with White House priorities. 

The loan facility, which closed Jan. 10, will fund the construction and expansion of the renewable fuels facility in Great Falls, Montana, owned by Montana Renewables LLC, an unrestricted subsidiary of Calumet.

The company was informed that the delay should be days or weeks.

“We are well-aligned with White House priorities to support domestic agriculture, energy security, technical innovation and energy independence, all of which play a role in the tremendous bipartisan support this loan has received since its inception,” said Calumet CEO Todd Borgmann.

“The recently issued executive order specifically highlights the importance of biofuels to our nation’s domestic energy policy and energy independence, and we look forward to a quick review confirming that we are aligned with the administration’s goals,” Borgmann added.

An economic impact study produced by the University of Montana Bureau of Business and Economic Research measured the substantial benefit to Montana in the form of jobs, income, government revenues, economic output and population.

For example, by 2028, the economic footprint of the Great Falls site is expected to support a population of 4,400 Montanans, consisting primarily of working-aged families and their children.

Montana Renewables expects the expansion to catalyze additional regional development, particularly for renewable feedstocks sourced from farms and ranches.

By driving local infrastructure development in transportation, agricultural and energy-related businesses similar to the Minnesota SAF Hub, Calumet said Montana Renewables will create a large-scale, end-to-end SAF industry comprised of public and private partners in Montana and the Pacific Northwest. 

The Montana Renewables expansion is expected to create 450 construction jobs and up to 40 operations jobs.