XCF Global mulls financing options for New Rise Reno 2 SAF expansion

XCF Global is evaluating financing alternatives to support the construction of its planned New Rise Reno 2 sustainable aviation fuel facility, as it seeks to scale production amid rapid growth in global SAF demand, the company said Jan. 12.

The Houston-based producer has engaged Bank of America to assist in structuring potential debt financing for the project, which could qualify for export credit agency-backed programs. XCF said there is no guarantee that a financing transaction will be completed or on what terms.

If constructed, New Rise Reno 2 would expand XCF's SAF and renewable fuel platform, supporting the company's broader long-term growth strategy. The project aligns with a recently signed non-binding memorandum of understanding with global energy and commodities group BGN, under which the parties are exploring joint development of global distribution, marketing and offtake frameworks across Europe, the Middle East and other markets.

XCF is positioning its expansion to capitalize on rising demand driven by tightening aviation decarbonization mandates. The company estimates the global SAF market could exceed $25 billion by 2030, with demand surpassing 5.5 billion gallons, and grow beyond $250 billion by 2050 if climate targets are met.

"We look forward to working with Bank of America as we evaluate a range of financing options to support the next phase of our SAF production expansion at New Rise Reno 2," CEO Chris Cooper said. "With governments and airlines worldwide raising their sustainability commitments, expanding SAF production has never been more critical."

XCF announced in December that it plans to invest about $300 million to build New Rise Reno 2, an 80 million gal/year SAF facility adjacent to its existing New Rise Reno complex in Nevada. The second plant would share utilities, hydrogen supply and logistics infrastructure with the original facility to reduce capital costs and accelerate commissioning.

The existing New Rise Reno plant has a nameplate capacity of 38 million gal/year of SAF but has been producing renewable diesel during a ramp-up review. XCF expects to resume SAF production at the first Reno facility in the first quarter of 2026.

The company has been pursuing an aggressive expansion strategy targeting up to 160 million gal/year of SAF and renewable diesel capacity by 2028, including projects in Nevada, North Carolina, Florida and Australia, and partnerships aimed at developing global offtake and logistics networks.

European sustainable aviation fuel prices began the new year on a softer note following news of additions to China's SAF export whitelist for 2026.

Platts, part of S&P Global Energy, assessed the SAF (HEFA-SPK) CIF NWE outright price down 1.5% week over week at $2272.75/mt Jan. 7, while barges remained at a $10/mt discount.