CIM Group acquires MAS Energy RNG development platform
13 September 2022
Real estate and infrastructure project investor CIM Group announced it has acquired 100% of the renewable natural gas (RNG) development platform of MAS CanAm LLC, an affiliate of MAS Energy LLC. MAS Energy is a developer, owner and operator of landfill gas-based RNG in the U.S. and Canada. As part of the transaction, the platform will be renamed Terreva Renewables.
The platform, which will be renamed Terreva Renewables, currently comprises RNG projects under construction in Vancouver, BC; Appleton, Wis.; McElhattan, PA; Grayslake, Ill.; and Suffolk, Va., as well as exclusive gas rights for two projects in North Carolina. As part of the acquisition transaction, the existing development team will continue leading the company.
Terreva is expected to begin RNG production by the end of 2022, with the initial portfolio expected to produce more than 3.9 million mmbtu per annum. CIM Group has plans to further grow the platform in North America.
“CIM Group’s acquisition of Terreva represents a marquee transaction in the RNG sector that came about as a result of our longstanding commitment to and experience in renewable energy, and our strong, established relationship with MAS Energy,” said Avi Shemesh, co-founder and principal, CIM Group. “We continue to believe RNG is a crucial component of the global energy transition and are excited to contribute as a leader in decarbonization.
“Given RNG’s versatility, Terreva’s go-forward revenue strategy is to include a mix of high-quality transportation-related customers, investment-grade utilities and other institutional offtakers under long-term fixed-price contracts. This flexibility makes it an extremely important resource in the fight against climate change,” Shemesh added.