Transaction completes monetization of ITCs tied to six RNG projects.
Clean Energy Fuels announced the completion of a $29.5 million sale of investment tax credits (ITC) through its joint venture, CE bp Renew, formed with BP Products North America Inc. The deal marks the third and final transaction tied to the company’s portfolio of six operating renewable natural gas (RNG) projects.
The credits were generated by four of Clean Energy’s dairy RNG facilities: Ash Grove, Marshall Ridge, VF Renewables, and Tri Cross, located in Minnesota, Iowa, and South Dakota, all in key U.S. agricultural regions. Together, these sites have the capacity to produce an estimated 3.9 million gallons annually of negative carbon-intensity RNG, primarily used to fuel heavy-duty transportation fleets.
“This transaction highlights the value of our renewable natural gas development portfolio,” said Clay Corbus, Senior Vice President and Head of Renewable Fuels at Clean Energy. “As the third successful transaction to fully monetize our RNG projects, it’s a milestone which reflects market confidence and positions Clean Energy for further growth in the clean fuel sector.”
With this latest transaction, Clean Energy has completed the monetization of all ITCs associated with its current RNG operations.
As one of the largest providers of RNG in the United States, Clean Energy Fuels aims to decarbonize transport by converting methane from organic waste into sustainable fuel. The company supports thousands of low-emission vehicles via a widespread network of fueling stations across the U.S. and Canada, as well as RNG production facilities based on dairy farms.