TotalEnergies, Vanguard Renewables to Develop RNG in US
4/25 9:06 AM
TotalEnergies, Vanguard Renewables to Develop RNG in US
OAKHURST, N.J. (DTN) --- TotalEnergies and Vanguard Renewables, a portfolio
company of a fund managed by Black Rock's Diversified Infrastructure business,
have agreed to create a 50/50 joint venture to develop, build and operated Farm
Powered(R) renewable natural gas projects in the United States.
TotalEnergies and Vanguard Renewables will advance 10 RNG projects into
construction over the next 12 months, with a total RNG capacity of 2.5 Bcf. The
three initial projects in this agreement are currently under construction in
Wisconsin and Virginia, each with a unit capacity of nearly 0.25 Bcf of RNG per
year.
Beyond the first 10 projects, the partners will consider investing together
in a potential pipeline of about 60 projects across the country for a total
capacity of 15 Bcf per year.
Vanguard Renewables will contribute to the JV its ready-to-build projects at
scale and also manage feedstock supply, the assets, operations and RNG sales.
Leveraging its strong position in European markets, especially in France and
Poland, TotalEnergies will bring to the JV its industrial expertise, providing
technical support and the design and engineering of the facilities and on the
plant's operational performance.
TotalEnergies and Vanguard Renewables will market the RNG through long-term
purchase agreements with buyers actively engaged in the decarbonization of
their industrial processes.
The signing of the agreement took place on April 12 in New York in the
present of Patrick Pouyanne, chairman and CEO of TotalEnergies, and Larry Fink,
chairman and CEO of BlackRock.
Headquartered near Boston, Massachusetts, Vanguard Renewables was founded in
2014 and currently operates 17 organics-to-renewable energy facilities with an
annual capacity of more than 1.5 Bcf of RNG. Looking beyond 2024, Vanguard
Renewables plans to commission over 100 RNG projects by the end of 2028.
In July 2022, Vanguard Renewables was acquired by BlackRock, through a fund
managed by its Diversified Infrastructure business. BlackRock has partnered
with Vanguard Renewables' management team to drive the next phase of its growth
to support the nationwide expansion of its anaerobic digester projects from
coast to coast. BlackRock will remain the majority shareholder of Vanguard
Renewables.
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