Warburg Pincus, a global growth investor, has invested $250 million in Montana Renewables LLC, a renewable fuel business and subsidiary of Calumet Speciality Products Partners.

The investment comes in the form of participating preferred equity security and values the firm at $2.25 billion. Additionally, Stonebriar Commercial Finance has invested $350 million through sale and leaseback contracts on top of the firm’s $50 million commitment to MRL. Montana Renewables is based out of Great Falls, Montana, and following the investments will use waste feedstocks to produce low-emission alternatives that displace fossil fuel products.

“This investment will accelerate our mission to quickly produce low-emission alternatives that directly replace fossil fuel products. We are pleased to partner with Warburg Pincus, a world class institutional investor, as well as to extend our longstanding multi-site relationship with Stonebriar” said Bruce Fleming, EVP Montana Renewables and Corporate Development.

Gibson, Dunn & Crutcher LLP served as legal advisor to Montana Renewables. Cleary Gottlieb Steen & Hamilton LLP, Jackson Lewis P.C. and Arnold & Porter Kaye Scholer LLP served as legal advisors to Warburg Pincus.