Calumet cuts DOE-guaranteed loan to $815.8 million and expansion capital to $137 million
Calumet's subsidiary Montana Renewables amended its loan guarantee agreement with the U.S. Department of Energy on August 28, 2026, reducing the maximum loan principal to $815.8 million from $1.44 billion as the Great Falls expansion shifts to repurposing existing equipment. The company says remaining expansion capital is $137 million, to be funded from Montana Renewables earnings with no third-party equity, and targets about 200 million gallons of annual SAF production by year-end 2028. Lower capital needs and no dilution stand against a smaller project, which the company says captures about 70% of the originally expected benefit.
Key points
- Maximum DOE loan principal reduced to $815.8 million and capitalized interest cap to $232.8 million.
- Remaining expansion capital is $137 million, versus the $1.2 billion original Phase 2 plan.
- Phase 2 DOE funding cut from up to $658 million to a single final draw of $34 million.
- Target of about 200 million gallons of annual SAF production and 17,000 barrels per day of total product sales by year-end 2028.
The filing
Written by AI on Nov 9, 2026, 11:46 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on September 01, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.