Terreva Renewables, a portfolio company of California-based private equity firm CIM Group, has received $417 million in investment in its first year and completed four renewable natural gas facilities, its owner announced this week.
The group was formed when CIM Group acquired an RNG group spun off from MAS CanAm, a Georgia-based energy developer. In total, the portfolio acquired by CIM Group was expected to generate 3.9 million mmBtu of RNG annually, the company said when the deal closed in September 2022.
Terreva has since completed construction at facilities in Wisconsin, Illinois, Virginia and Pennsylvania. It also acquired the rights to develop two potential RNG sites in North Carolina following last year’s deal, and lists a Vancouver, British Columbia, project under development on its website.
"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," Avi Shemesh, co-founder and principal of CIM Group, said in a statement.
The RNG sector has drawn significant attention from investors in recent years due to its perception as a green alternative to fossil fuel-based methane gas and escalating incentive programs through the U.S. EPA’s Renewable Fuel Standard and California’s Low Carbon Fuel Standard.
Terreva partners with public and private landfill owners for its projects, and may also acquire RNG projects outright in the future, according to the release.