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Green Rock Energy Partners takes stake in BioTown Biogas

Green Rock Energy Partners takes stake in BioTown Biogas
Green Rock Energy Partners LLC (Green Rock), has acquired a stake in BioTown Biogas LLC (BioTown), a producer of renewable power that is expanding into renewable natural gas (RNG), in partnership with BioTown Ag (BTA) and lenders (photo courtesy BioTown Biogas).

In the United States (US), Green Rock Energy Partners LLC (Green Rock), a sustainable infrastructure-focused private equity firm that invests in renewable energy companies and projects, has acquired a stake in BioTown Biogas LLC (BioTown), a producer of renewable power that is expanding into renewable natural gas (RNG), in partnership with BioTown Ag (BTA) and lenders.

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Led by five “seasoned veterans” of the traditional commodities sector now investing in carbon-neutral solutions, Green Rock deploys equity capital within the circular economy to develop, purchase, and operate environmentally responsible and financially attractive businesses and infrastructure.

The firm’s leaders leverage their experience and expertise as advisors, owners, and operators to source, structure, and negotiate opportunities to create superior risk-adjusted returns in the renewable energy sector.

Green Rock’s announcement of the partial acquisition, the value of which has not been disclosed and which closed in Q3 2021, is the firm’s first investment announcement.

We are excited to work with our partners at BTA to build one of the largest and most economically efficient projects in the renewable natural gas and renewable power space, said Andrew Kelleher, Co-Founder and Managing Partner of Green Rock, which officially launched on April 13.

Heat, power, and RNG

In keeping with Green Rock’s primary investment focus on waste-to-value energy assets, BioTown sources food waste, dairy manure, beef manure, and other agriculture waste to produce renewable electricity, renewable heat, and renewable natural gas (RNG).

The project, located in Reynolds, Indiana, is expected to produce more than 42 GWh of renewable power per year, while also producing more than three million gallons equivalent of RNG per year.

Northern Indiana Public Service Company (NIPSCO) will provide the renewable power offtake, while United Energy Trading and others will provide the renewable natural gas offtake.

BTA spin-out

The BioTown facility supports more than 50 full-time jobs. Previously, BioTown’s renewable power assets were owned fully by BTA, a multi-generational family farm that has been a sustainability leader in the agricultural community for decades and continues to push for innovative ways to utilize different waste streams.

BTA spun off the power business to BioTown in order to jointly partner with Green Rock and expand its RNG business.

We are thrilled to partner with the talented team at Green Rock on BioTown. The team’s commodities expertise and professional network play a crucial role in the successful growth of our power business and our expansion into the renewable natural gas business, said Brian Furrer, President of BTA.

A variety of partners supported Green Rock and BTA in the BioTown deal. DVO, Inc. and Clarke Energy will provide the digester, biogas CHP engines, and biogas upgrading technology and local service support.

We would like to thank the BTA team and all of the vendors for their hard work and tireless efforts, said Chad Hoerr, General Manager of BioTown.

Montrose Environmental and Venture Engineering & Construction provided engineering services. First Farmers Bank and Trust led the debt financing, and Gutwein Law acted as the legal advisor to BioTown.

We are extremely appreciative of the hard work and dedication of the BTA team, which played a key role in the spin-out of BioTown, and we will continue to contribute to the successful elevation and expansion of the company, ended Martin Mitchell, Co-Founder and Managing Partner of Green Rock.

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