New owners close $1.25 billion financing to restart USVI refinery

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The St Croix oil refinery

ST CROIX, USVI — Limetree Bay Ventures has closed a $1.25 billion financing to restart its refinery located at Limetree Bay, St Croix, US Virgin Islands. The company is undertaking the project in conjunction with the tolling, supply and offtake agreements that it executed with BP Products North America earlier this month. The common equity in Limetree Bay is owned by affiliates of ArcLight Capital Partners, Freepoint Commodities, and a leading sovereign wealth fund.

“The closing of the financing provides the resources necessary to complete the refinery restart,” said Brian Lever, president of Limetree Bay Refining. “We have 1,300 workers currently involved in the project and expect a significant ramp in activity over the coming months as we prepare for restart by the end of next year. We are very grateful to the broad team that has made this possible.”

Daniel Revers, managing partner and founder of ArcLight, added, “We are excited to continue building Limetree Bay into an environmentally compliant global energy hub in the US Virgin Islands.”

The financing comprises $550 million of preferred equity and a $700 million term loan.

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