Viridi Energy gets equity financing for renewable gas
By Keefe Borden03 June 2022
Warburg Pincus has granted Viridi Energy $320 million in equity financing to develop renewable gas (RNG) projects from landfill, dairy and food waste feedstocks.
Viridi Energy is a renewable energy company developing a platform to build, own and operate RNG assets with landfill, dairy, and food waste feedstocks across North America. Viridi is currently developing multiple projects and expects to break ground on several RNG development assets in the third quarter of 2022.
Viridi is led by CEO Andy Kelleher, who also serves as managing partner at Green Rock Energy Partners. Other managers at the company include Chet Benham, Matt Atkins, Jake Crouse, Dana Husnay and Bill Keller. Together, the team has over 75 years of experience developing and operating energy assets.
“Viridi has a truly differentiated approach, with the unique ability to handle all parts of the RNG value chain, spanning development, operations, financing, and commercial strategy,” said Viridi CEO Andy Kelleher. “Our mission is to work closely with a broad base of stakeholders to develop RNG that will replace higher emission fuel in a cost-friendly and environmentally effective way.”
“Our team’s collective experience sourcing, developing, and operating RNG opportunities will be crucial in building the Viridi platform and its success. With significant equity backing led by Warburg Pincus, we will be well-positioned to identify and develop RNG assets where the latest technology can unlock further value potential,” said Chet Benham, President of Viridi Energy. Mr. Benham was previously the President of Unconventional Gas Solutions LLC, and CEO of Air Liquide Advanced Technologies U.S. LLC, where he supervised all of the RNG business in the Americas.
Matt Atkins, who joins Viridi as VP operations, previously served as Director of O&M at Brightmark and as project manager at Amec Foster Wheeler and Fluor. Jake Crouse, who joins Viridi as VP origination, previously served as vice president of Biogas at Air Liquide. Dana Husnay, who joins Viridi as VP development, previously served as director of RNG operations at Air Liquide. Bill Keller also joins as VP markets & strategy, after having served as global General Manager for gas separation technologies at Air Liquide and as a pilot in the U.S. Marine Corps.
“We consider the Viridi management team to be pioneers in the RNG industry, having developed several dozen RNG assets over the course of their careers. We believe that this equity capital commitment, combined with support from our debt financing relationships, will allow us to invest up to a billion dollars of total capital to create a leading platform in the RNG space,” said Roy Ben-Dor, managing director, Warburg Pincus.