Warburg Pincus eyes backing of USD 1bn in RNG investment via new platform

Food waste. Author: Taz. License: Creative Commons. Attribution 2.0 Generic

June 3 (Renewables Now) - New York-based growth investor Warburg Pincus LLC has led a USD-320-million (EUR 298m) equity commitment to full-service renewable natural gas (RNG) platform Viridi Energy, which can handle all parts of the RNG value chain.

"We believe that this equity capital commitment, combined with support from our debt financing relationships, will allow us to invest up to a billion dollars of total capital to create a leading platform in the RNG space," said Roy Ben-Dor, managing director of Warburg Pincus.

Viridi is developing a platform to construct, own and operate RNG plants with landfill, dairy and food waste feedstocks across North America. At present, the firm is developing multiple projects and expects to begin the construction of several RNG facilities in the third quarter of 2022.

The company is led by CEO Andy Kelleher, who also serves as managing partner at Green Rock Energy Partners and before that was the head of US Oil Trading at Glencore as well as President of Supply and Trading at ConocoPhillips.

Matt Atkins, Jake Crouse, Dana Husnay and Bill Keller are joining Viridi as VP Operations, VP Origination, VP Development and VP Markets & Strategy, respectively.

(USD 1.0 = EUR 0.930)

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