Farella Braun + Martel Advises World Energy on Its Acquisition of California Renewable Fuel Assets
San Francisco, March 27, 2018: Farella Braun + Martel LLP represented World Energy, LLC, one of the largest advanced biofuel suppliers in North America, in its acquisition of Delek US Holdings, Inc.’s interests in renewable jet fuel and diesel producer AltAir Paramount, LLC. The transaction included AltAir’s Paramount Petroleum, LLC’s refinery assets and an adjacent tank farm in Paramount, CA, as well as, most of Delek’s California pipeline assets.
The acquisition of the world’s first renewable jet fuel refinery—and one of only three US renewable diesel plants—strategically places World Energy in the growing California cleaner fuels market and is part of its broader effort to build out a large-scale coast-to-coast presence for blended advanced biofuel supply targeting high growth submarkets focused on reducing carbon intensity in motor fuels.
According to an article in Biofuels Digest, the sale marks the first time that a biofuels enterprise has acquired a well-known petroleum refinery. The sale was described as “audacious” and “a masterstroke.”
Read World Energy’s announcement, here.
The Farella Renewable Energy and Clean Technologies practice team was led by Environmental/Energy partner Jon Benjamin and included Business Transactions partner David Stoll and senior associate Greg LeSaint, and Real Estate partner Richard Rabbitt and associate Susannah Ragab. Business Transactions partner Philip Peters and senior associate Jeffrey Hamilton advised on Hart-Scott-Rodino Antitrust Improvements Act issues. The deal team was further assisted by attorneys in Farella’s Employment and Tax practices.
Farella Braun + Martel LLP is a leading Northern California law firm representing corporate and private clients in sophisticated business transactions and complex commercial, civil and criminal litigation. Clients like our imaginative legal solutions and the dynamism and intellectual creativity of our lawyers. The attorneys in each practice group work cohesively in interdisciplinary teams to advance the clients’ objectives in the most effective, coordinated and efficient manner. Founded in 1962, we are headquartered in San Francisco and maintain an office in the Napa Valley that is focused on the wine industry.