Clean Energy Sells Stake in Texas Biomethane Facility
Clean Energy Fuels Corp. has sold its majority stake in the McCommas Bluff biomethane production facility in Dallas for $40.6 million.
The company sold its stake to minority owner Cambrian Energy but will continue to have the right to sell biomethane produced at the facility as part of its Redeem renewable natural gas-vehicle fuel brand.
“We have successfully leveraged our success at McCommas into a greater knowledge of the entire supply chain and established a leadership position in the [renewable natural gas] fuel market. With McCommas remaining a RNG supplier, we will be able to focus our RNG business on Clean Energy Renewables’ core strength — marketing and selling alternative fuels,” Clean Energy Renewables President Harrison Clay said in a statement.
Clean Energy Renewables is a division of Clean Energy Fuels.
The deal includes $3 million in additional compensation to Cambrian depending on performance tests scheduled for early this year.
Clean Energy began production at its biomethane facility in North Shelby, Tennessee, this year and added 12 third-party-owned biomethane production sources.
“Buying the McCommas biomethane facility allowed Clean Energy to gain a valuable foothold in the renewable natural gas business. We are extremely proud of what we have accomplished at the project over the past six years, quintupling biomethane sales and providing for the long-term financial stability that the project had historically lacked,” Clay said.
