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HomeLatest NewsIFM bets on US renewable gas with the purchase of GreenGas

IFM bets on US renewable gas with the purchase of GreenGas

Date: April 17, 2024 Time: 20:51:19

IFM Investors’ open-ended fund, the IFM Net Zero Infrastructure Fund, which focuses on investing assets in critical energy sector infrastructure in OECD countries, has acquired a majority stake in GreenGas, a US natural gas developer, owner and operator renewable energy (GNR) for an import that has not been disclosed.

GreenGas represents the fund’s first investment in the low carbon fuels sector, a sector that is the central objective of this investment vehicle. The transaction is expected to close in the first quarter of 2023 and subject to customary closing conditions and regulatory approvals.

Marc Fetten, CEO and founder of GreenGas, will continue to lead the company along with the current management team. It should be remembered that IFM Global Infrastructure Fund is present in the capital of Naturgy with 14% of the capital. Green Gas is a renewable energy platform headquartered in Charleston, South Carolina (USA), with a history of creating, developing and operating GNR projects.

The company captures, purifies and transports biogas from already existing organic waste for its final use as quality GNR for gas pipelines. GreenGas sells the GNR to commercial and industrial customers such as Mercedes-Benz, Berkshire Hathaway Energy and Duke University.

In addition, the company’s commitment to the energy transition means that GNR projects operate for CO2, according to the United States Environmental Protection Agency.

“We are delighted to welcome GreenGas to IFM NZIF’s portfolio and support its next phase of growth,” said Kyle Mangini, Global Head of Infrastructure at IFM Investors.

“GNR projects operated by GreenGas can deliver significant emission reductions, so it is perfectly aligned with IFM’s net-zero commitments and our purpose to protect and grow workers’ long-term retirement savings,” he added. .

The acquisition marks an important milestone for the company and secures its capital to invest for the long term by expanding its footprint of renewable natural gas projects and continuing to fulfill its mission to help food processors, farmers and industrial manufacturers capture greenhouse gas emissions from its operations.

“IFM will invest in GreenGas as a platform to meet the growing demand for new types of renewable energy solutions across the United States,” Fetten said. “Our projects not only reduce greenhouse gas emissions, but help NGR buyers decarbonise their energy-intensive operations. We look forward to working with IFM to grow the platform,” he added.

IFM NZIF is an open-ended fund launched in 2022 by IFM Investors, targeting critical infrastructure assets seeking to accelerate the global transition to a net-zero emissions economy.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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