In the United States (US), BerQ RNG, a leading developer of renewable natural gas (RNG) projects, has announced the successful closing of US$110 million in Solid Waste Facilities Limited Obligation Revenue Bonds issued by the Michigan Strategic Fund. The proceeds will be used to fund the construction of four dairy manure-to-RNG projects across Michigan.
The revenue bonds were issued as part of the Michigan Private Activity Bond Program which, among other purposes, supports qualified investments in sustainable infrastructure that advance renewable energy and environmental benefits.
The financing structure provides low-cost capital to support the deployment of BerQ RNG’s innovative dairy waste-to-energy solutions, reducing greenhouse gas (GHG) emissions and contributing to a more sustainable energy future.
This financing is a significant milestone in our mission to develop and expand sustainable RNG projects. These projects will not only reduce methane emissions from dairy operations but also provide clean, renewable energy that supports decarbonization efforts in Michigan and beyond, said Bas van Berkel, CEO of BerQ RNG.
The revenue bonds were underwritten by Barclays Capital, Inc.
This transaction advances BerQ RNG in advancing its renewable energy initiatives and underscores Barclays’ expertise in financing energy transition projects, said David Livingstone from Barclays Capital.
BerQ RNG’s projects will convert dairy manure into pipeline-quality RNG through anaerobic digestion (AD) and biogas upgrading technology.
This process captures methane that would otherwise be emitted into the atmosphere, repurposing it as a clean energy source for transportation and utility applications.
