In the United States (US), H.I.G. Capital LLC (H.I.G.), a leading global alternative investment firm with US$54 billion of equity capital under management, has announced that its portfolio company, Northern Biogas, LLC (Northern Biogas), has acquired three additional dairy renewable natural gas (RNG) projects, significantly expanding its RNG production capacity.
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Based in Morgantown, West Virginia (WV), Northern Biogas is a waste-to-renewable natural gas (RNG) company that designs, builds, owns, operates, services, and maintains anaerobic digesters (AD) and RNG (aka biomethane) facilities across the US.
These facilities provide sustainable, clean energy derived from organic waste, which is used to displace the consumption of fossil fuels.
We appreciate H.I.G.’s partnership, their continued commitment to our business plan, and the shared desire to scale our market position through the acquisition of these three new dairy RNG projects, said Chris Akers, CEO of Northern Biogas.
Following H.I.G.’s original investment in September 2022, the acquisition of these three facilities marks an acceleration of the company’s rapidly expanding RNG project development pipeline.
Since partnering with H.I.G. in September 2022, we have more than doubled the number of RNG projects under construction, and rapidly expanded our RNG project development pipeline across the waste-to-renewable natural gas market. We look forward to utilizing our technical, commercial, and operational expertise to continue to expand our existing dairy RNG footprint and further develop our landfill and food waste RNG projects, Chris Akers said.
These acquired dairy RNG facilities are in close proximity to the company’s existing footprint, creating attractive operational and commercial synergies, and are expected to begin commercial service by the first quarter of 2024.
We are pleased to support Northern Biogas’ strategic initiatives with our professional resources and capital. Today’s announcement further establishes Northern Biogas’ presence in the rapidly growing RNG sector. Supporting the transition to a low-carbon economy remains a key pillar of H.I.G.’s investment philosophy, and our investment in Northern Biogas reaffirms our commitment to clean, renewable energy, ended George Watts, Managing Director with H.I.G. Infrastructure.
