GreenGas to Partner with IFM Investors to Accelerate Growth of Renewable Energy Solutions
Acquisition of GreenGas will be IFM Net Zero Infrastructure Fund’s first investment in the low carbon fuels sector, demonstrating IFM’s commitment to a net-zero emissions economy
CEO and Founder Marc Fetten to lead GreenGas expansion
IFM Investors is pleased to announce that the IFM Net Zero Infrastructure Fund (“NZIF”) has signed a definitive agreement to acquire a majority interest in GreenGasUSA (“GreenGas”), a US-based renewable natural gas (“RNG”) developer, owner and operator.
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“We are excited to welcome GreenGas into the IFM NZIF portfolio and support its next phase of growth”
GreenGas is a fully integrated renewables platform headquartered in Charleston, South Carolina with a track record of originating, developing and operating RNG projects. The Company utilizes mature technologies to capture, purify and transport biogas from existing organic waste streams for its end use as pipeline quality RNG. GreenGas sells the RNG and associated environmental attributes under long-term offtake contracts with investment grade commercial & industrial customers, such as Mercedes-Benz, Berkshire Hathaway Energy and Duke University.
RNG projects operated by GreenGas can deliver significant emission reductions from waste streams by capturing methane, which has a 25 times more harmful impact on atmospheric warming than CO2 per the Environmental Protection Agency, demonstrating strong alignment with the net zero energy transition.
CEO and Founder Marc Fetten will continue to lead GreenGas alongside the existing management team. The acquisition marks a significant milestone for the company and secures long-term investment capital to expand its footprint of renewable natural gas projects and continue delivering on its mission to help food processors, farmers and industrial manufacturers capture greenhouse gas emissions from their operations.
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“Our new partner IFM will be investing in GreenGas as a platform to meet the growing demand for renewable energy solutions across the United States,” said Fetten. “Our projects not only reduce greenhouse gas emissions, but help RNG buyers decarbonize their energy intensive operations. We look forward to working with IFM to grow the platform.”
Launched in 2022, IFM NZIF is an open-ended fund targeting essential infrastructure assets that seek to accelerate the world’s transition to a net-zero emissions economy. GreenGas represents NZIF’s first investment in the low carbon fuels sector, a core target sector of the fund.
“We are excited to welcome GreenGas into the IFM NZIF portfolio and support its next phase of growth,” said Kyle Mangini, Global Head of Infrastructure at IFM Investors. “RNG projects operated by GreenGas can deliver significant emissions reductions, which is well aligned with IFM’s net zero commitments and our purpose to protect & grow the long-term retirement savings of working people.”
Transaction close is targeted for Q1 2023 and subject to customary closing conditions and regulatory approvals. Marathon Capital, LLC acted as exclusive financial advisor to GreenGas on the transaction.
IFM Investors was established more than 25 years ago with the aim to protect and grow the long-term retirement savings of working people. Owned by a group of Australian pension funds, the organisation has US$143 billion under management as of 31 December 2022. Because IFM Investors is owned by industry pension funds, the interests of 500 like-minded investors worldwide are prioritized by focusing on assets that combine excellent long-term risk/reward characteristics with broad economic and social benefits to the community. As a signatory to The United Nations-supported Principles for Responsible Investment, IFM Investors actively engages on ESG issues with the companies in which IFM Investors invests with the aim of enhancing their net performance while minimising investment risk. Operating globally from offices in Melbourne, Sydney, London, Berlin, Zurich, Amsterdam, New York, Hong Kong, Seoul and Tokyo, IFM Investors manages investments across infrastructure, debt, listed equities and private equity assets
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