Significant funding to support ongoing construction on Vision RNG and WIN Waste Innovations’ Seneca and Tunnel Hill LFG-to-RNG projects
October 16, 2024 04:31 PM Eastern Daylight Time
CANONSBURG, Pa.–(BUSINESS WIRE)–Vision RNG (VRNG), a leader in renewable natural gas (RNG) production, has closed on an aggregate $207 million in project financing with HASI, a leading investor in climate solutions. This landmark funding will be instrumental in accelerating Vision RNG’s growth strategy which will result in advancing sustainable energy solutions and reducing carbon emissions.
The financing package includes both a $130 million construction facility and a $77 million investment tax credit (ITC) bridge loan, underscoring HASI’s structuring capabilities as a preeminent investor in energy transition assets. The funds will be used to develop facilities to convert landfill gas into renewable natural gas (RNG) at the Ohio landfills of sustainable waste and recycling service provider WIN Waste Innovations.
“Our partnership with HASI is a major milestone for Vision RNG,” said Kevin Johnson, Chief Financial Officer at Vision RNG. “This funding enables us to continue moving forward with our ambitious plans to produce more renewable natural gas, ultimately reducing greenhouse gas emissions and supporting the transition to cleaner energy sources.”
With an initial output expected to exceed 2 million MMBtus of RNG annually, the Projects aim to double this production within 11 years, positioning them among the largest RNG developments in the country. The anticipated annual reduction of approximately 120,000 tons of fossil-based carbon dioxide (CO2) emissions underscores the environmental impact of this financing and the projects it will support.
The RNG produced will provide a cleaner alternative for end users seeking to lower their carbon footprints. The projected emissions reductions from these initiatives equate to the estimated CO2 emissions produced by over 12 million gallons of gasoline or 250,000 barrels of oil each year.
Additionally, the projects will stimulate the local economy by creating numerous jobs to support the construction and operation of the Projects, demonstrating the broader economic benefits of this significant investment.
Landfill gas is a natural byproduct of waste decomposition and Vision RNG, with the backing of HASI and in partnership with WIN Waste Innovations, is committed to transforming this waste into a valuable renewable resource, reducing reliance on fossil fuels and contributing to a sustainable energy future.
“HASI is excited to partner with Vision RNG on these two remarkable projects that create low-carbon RNG by capturing methane emissions from landfills,” added Annmarie Reynolds, HASI Senior Managing Director. “This investment highlights our ability to deploy tailored financing solutions that enable our partners to accelerate the deployment of clean fuels to heat homes and decarbonize the transportation sector.”
“Converting landfill gases into RNG keeps them out of the atmosphere and provides a resource that is in much demand by the transportation sector,” says Doug Wilson, Chief Financial Officer at WIN Waste Innovations. “That very much aligns with our goal to embed sustainability at every step of our operations. We are excited to partner with Vision RNG to make good use of this renewable resource.”
About Vision RNG
Founded in 2021, Vision RNG, supported by Vision Ridge Partners is a leading developer, owner, and operator of LFG to RNG facilities. VRNG has assembled a team of industry leaders and skilled professionals committed to harnessing and maximizing the benefits of landfill gas for our partners and the broader energy community. For more information, please visit visionrng.com.
About HASI
HASI (NYSE: HASI) is a leading climate positive investment firm that actively partners with clients to deploy real assets that facilitate the energy transition. With more than $12 billion in managed assets, our vision is that every investment improves our climate future. For more information, please visit hasi.com.
About WIN Waste Innovations
WIN Waste Innovations is a sustainable provider of essential waste and recycling services that believes in preserving the environment for future generations while providing for today’s needs. WIN Waste operates a platform of 49 strategically located collection, transfer, and disposal assets, including waste-to-energy facilities, transfer stations, recycling facilities, ash monofills, and landfills, as well as fleets of rail cars and collection vehicles, including electric trash trucks. Annually, WIN Waste recycles more than 109,000 tons of metals from the waste stream and converts more than 5.5 million tons of post-recycled waste into renewable energy — enough to power the equivalent of 294,000 homes for a year. For more information, visit win-waste.com.
* Emissions statistics from epa.gov
Contacts
Vision RNG Media Inquiries
Cara Dickens
Rocket Pop
[email protected]
(804) 677-6556
Vision RNG Business Inquiries
Kevin Johnson, CFO, Vision RNG
[email protected]
(724) 760-7415