CIM Group, a real estate and infrastructure-focused company, has raised $417 million to support the growth of its renewable natural gas (RNG) portfolio company, Terreva Renewables. RNG, also known as biomethane, is a crucial component of the transition to cleaner energy sources, especially in sectors where wind or solar energy may not be as practical. It is typically produced from organic waste and shares chemical similarities with fossil-based natural gas, making it suitable for decarbonizing challenging sectors like road transport and heavy industry.
CIM Group established Terreva Renewables following its acquisition of MAS CanAm’s RNG development platform. Over the past year, Terreva has constructed several RNG facilities, including its first facility in Appleton, Wisconsin, and operational facilities in Pennsylvania, Illinois, and Virginia. These facilities convert landfill methane into RNG for large natural gas vehicle fleets, resulting in a significant reduction in carbon emissions.
CIM Group noted the increasing demand for RNG as a vital contributor to decarbonization efforts in transportation, utilities, and industry. They also mentioned strong regulatory support for RNG at the federal and state levels in the transportation sector, as well as growing voluntary and regulatory demand from thermal users aiming to reduce their carbon footprints.
The financing will allow Terreva to expand its RNG facilities and continue contributing to the transition towards cleaner energy sources.
By FCCT Editorial Team
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