CIM Group has announced it has raised $417 million (€384 million) from corporate and institutional investors to advance the growth of its renewable natural gas (RNG) platform, Terreva Renewables.
Terreva Renewables was founded with the acquisition of 100% of the RNG development platform of MAS CanAm, LLC one year ago. The acquisition included a portfolio of five in-construction and two in-development projects.
CIM Group said it is building on Terreva's recent successes, including several new RNG operations.
In the past year Terreva has completed construction and is operating several RNG facilities, and is growing the company by tapping into North America's ever-increasing demand for RNG as a vital contributor to decarbonisation efforts across transportation, utility and industrial applications.
In January, Terreva completed its first RNG facility in Appleton, Wisconsin.
Terreva has since commenced commercial operation on additional RNG facilities in Pennsylvania, Illinois and Virginia.
Each facility collects raw landfill methane gas and converts it into RNG to be used predominantly by large vehicle fleets running on compressed natural gas.
During the first full year of operations of the four facilities, Terreva expects to provide the carbon reduction equivalent of removing approximately 21,600 cars from the road per annum or displacing the use of more than 11.2 million gallons of petroleum.
“Terreva is delivering on our expectations for the platform and, alongside our co-investors, we are expanding Terreva to meet the increasing interest from communities across the country seeking its expertise to develop and operate RNG facilities,” said Avi Shemesh, co-founder and principal, CIM Group.
CIM Group’s RNG platform attracts $417m investment
