Quinbrook Infrastructure Partners is committing A$300m (€183m) to buy a US renewable fuels and biogas specialist and fund projects under development.
Quinbrook has acquired PurposeEnergy for around A$50m, paving the way for the infrastructure manager to enter the biofuels market in the US.
“The demand for renewable fuels is exploding and in PurposeEnergy we have found a highly capable technical and operational team that has been in business for over a decade, delivering impactful solutions for customers and the environment,” said Quinbrook’s managing partner and co-founder David Scaysbrook.
Scaysbrook said his firm liked this investment because it was linked to the food and beverage sector. It’s colocation of the process with major food manufacturers who would otherwise send the organic waste to landfills as they have done for some many years.
He also noted that an increasing number of US states had banned the dumping of organics in landfill, putting pressure on food manufacturers to find more efficient ways to use and dispose of their waste.
PurposeEnergy founder and CEO Eric Fitch, said: “The investment by Quinbrook will greatly expand our ability to identify, finance, build and operate new projects, helping our customers achieve their ESG goals while conserving capital to invest in their core businesses.”
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