Viridi Energy, a renewable natural gas platform backed by Warburg Pincus and Green Rock Energy Partners, announced the closing of a structured equity investment from HASI to support development of its Marathon landfill gas-to-renewable natural gas project. The investment marks the third transaction between the two companies and reflects their ongoing strategic partnership.
The Marathon facility is designed to capture landfill gas and convert it into renewable natural gas, reducing methane emissions while providing a usable energy source. Once operational, the project is expected to generate enough renewable natural gas to power roughly 5,800 homes each year. The facility is also projected to reduce carbon emissions equivalent to about 18,400 tons annually by capturing gas that would otherwise be released into the atmosphere.
Viridi said the structured equity investment will accelerate the availability of capital for its platform while providing liquidity to support the continued development of additional projects. The company develops, owns, and operates renewable natural gas assets sourced from landfill, dairy, wastewater, and food waste feedstocks across North America.
Viridi Energy was founded by a management team with experience in renewable natural gas development and operations. The platform focuses on building and operating infrastructure that converts organic waste streams into renewable energy, thereby expanding the supply of low-carbon fuels in the United States.
The transaction was supported by several advisors. CRC served as financial advisor to Viridi, while Sidley Austin LLP and Kirkland & Ellis LLP acted as legal counsel.
KEY QUOTES:
“Viridi is excited to expand its partnership with HASI through a structured equity investment which accelerates capital to Viridi and provides liquidity for continued project development.”
Dan Crouse, CEO Of Viridi Energy
“This transaction reflects the hard work and dedication of an exceptional group of partners. We thank everyone involved for their diligence, responsiveness, and focus on execution, which allowed us to meet key deadlines and bring this investment to a successful close.”
David Barry, CFO Of Viridi Energy
