Joint venture acquires renewable natural gas project in Owensboro, Kentucky
Redtail Renewables, a leading renewable natural gas (RNG) developer and operator, and Pacolet Milliken, a private investment firm, today announced the formation of joint venture RPM Holdings (RPM), which launches with the acquisition of an RNG project located near Owensboro, Kentucky.
The Owensboro project reflects the joint venture’s commitment to advancing renewable natural gas solutions across North America. The new partnership is also in advanced stages of planning an additional RNG project with plans to break ground by year end.
“We are excited to launch RPM with Pacolet Milliken and begin our partnership with projects already underway,” said Casey Holsapple, Redtail Renewables CEO. “Our combined expertise in renewable energy and operations will create a platform for future growth focused on mitigating methane emissions from landfills.”
“This partnership marks an important step in scaling our RNG portfolio, and we look forward to working with the experienced team at Redtail,” said Lance Jordan, Chief Investment Officer of Pacolet Power & Infrastructure. “With much of our portfolio dedicated to assets that advance decarbonization, this joint venture enhances our ability to deliver meaningful impact while accelerating the growth of renewable natural gas.”
The Owensboro RNG project at the West Daviess County landfill is near completion and will be fully operational before the end of the year. The project, which will capture landfill gas and turn it into renewable natural gas, is expected to generate up to 500,000 MMBtu annually and has a long-term commercial offtake agreement in place.
As part of the transaction, Redtail also acquired a second project at the Oneida-Herkimer Regional Landfill located in Boonville, New York. Redtail will continue the development and construction of that project.
Headquartered in Indianapolis, Redtail Renewables specializes in the development and operation of renewable energy projects that reduce greenhouse gas emissions and create long-term environmental and economic benefits. Redtail is sponsored by an equity commitment from Boston-based Inyarek Partners.
“We’re thrilled to see the company create value through RPM and immediately deliver with these project acquisitions,” said Paul Kaboub, Partner and Co-founder at Inyarek. “This joint venture and Redtail’s broader pipeline of opportunities highlights the strength of Redtail’s industry leadership and strategy. We’re confident in Redtail’s ability to execute on attractive opportunities in the current industry environment.”
Redtail is actively pursuing new opportunities and building a pipeline of RNG projects across the country. Learn more about Redtail’s renewable natural gas initiatives by visiting redtailrenewables.com.
Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to Redtail and RPM in the acquisition.
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