Braya Renewable Fuels gets $25-million loan from provincial government
The provincial government is giving the owners of the former Come by Chance oil refinery a $25-million repayable loan.
Braya’s commercial operations have been impacted by changes to tax credit programs in the U.S. market. On January 6, 2025, Braya initiated a temporary shutdown at the refinery which lasted until June 2025, when the company resumed operations. Braya advised that this shutdown was due to lower-than-normal margins and market disruptions caused by the expiration of the Federal U.S. Tax Credit for renewable diesel in December 2024.
The refinery has approximately 240 full-time employees, which the company retained during the temporary shutdown to maintain the facility and equipment in a ready-to-restart mode. Braya requested a loan to support continued maintenance of the facility and equipment during this transitional period.
The Provincial Government has responded with a $25-million repayable loan to support maintaining the workforce and other direct facility costs. Braya is undertaking work to advance facility upgrades, feedstock expansion and diversification to other markets.
The terms of the five-year term repayable funding support are similar to the support provided to the refinery in 2021. The loan will offset up to $2 million of Braya’s labour costs and up to $1 million of eligible non-labour costs in the province to a maximum monthly drawdown on the loan of $3 million. The Provincial Government’s financial liability under the Environmental Agreement indemnity provided to Braya will be reduced by the loan principal and interest outstanding for the period that the amounts are outstanding.