Terreva Renewables raises USD 417m to expand RNG platform
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US renewable natural gas (RNG) projects developer Terreva Renewables, a portfolio company of infrastructure investor CIM Group, has raised USD 417 million (EUR 383.5m) from corporate and institutional investors to support the expansion of its RNG platform.
The Atlanta, Georgia-based firm uses technologies to capture methane and convert it into RNG. It has long-term contracts with natural gas utilities and is in discussions with various other potential offtakers. The company was formed in September 2022 after CIM Group bought the holding company for the entire RNG activities of MAS Energy LLC.
Terreva’s projects include four operating plants in the US, with the first one launched in January. It also has a facility under construction in British Columbia and exclusive gas rights for two projects in North Carolina.
The company’s initial portfolio is expected to produce more than 3.9 million MMBTU annually, which is enough to displace over 16 million gallons of diesel fuel consumption every year, according to its website.
“Terreva is delivering on our expectations for the platform and, alongside our co-investors, we are expanding Terreva to meet the increasing interest from communities across the country seeking its expertise to develop and operate RNG facilities,” said CIM Group’s co-founder Avi Shemesh.