Sustainable infrastructure-focused private equity firm Green Rock Energy Partners has acquired a stake in US renewable power producer Bio Town Biogas.
Green Rock has invested an undisclosed amount alongside Bio Town Ag (BTA) and lenders to help Bio Town’s expansion into renewable natural gas.
Bio Town’s renewable power assets were previously owned by BTA. BTA spun off the power business to Bio Town in order to partner with Green Rock and expand the renewable natural gas business.
Bio Town sources food waste, dairy manure, beef manure, and other agriculture waste to produce renewable electricity and renewable heat.
Bio Town’s project, located in Reynolds, Indiana, is expected to produce more than 42m KWh of renewable power per year, while also producing more than three million gallons of renewable fuel per year.
The Bio Town deal is the first investment for Green Rock which was launched last month by a group of commodities executives to invest in waste-to-value energy assets.
Andrew Kelleher, co-founder and managing partner of Green Rock Energy Partners, said: “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.”
Martin Mitchell, co-founder and managing partner of Green Rock Energy Partners, said: “We are extremely appreciative of the hard work and dedication of the BTA team, which played a key role in the spin-out of Bio Town, and we will continue to contribute to the successful elevation and expansion of the company.”
Brian Furrer, president of Bio Town Ag, said: “We are thrilled to partner with the talented team at Green Rock on Bio Town. The team’s commodities expertise and professional network plays a crucial role in the successful growth of our power business and our expansion into the renewable natural gas business.”
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