NGT News
March 10, 2021
Clean Energy Fuels Corp., a provider of clean transportation fuel, has finalized a joint venture (JV) with bp Products North America Inc. to develop, own and operate new renewable natural gas (RNG) projects at dairies and other agriculture facilities.
Each company will retain 50% voting control in the JV, which will be initially funded with $50 million previously provided by bp and another $30 million from Clean Energy. The JV anticipates adding preferred stock and debt to increase committed investment capital. Clean Energy will be the operating partner.
The JV will produce RNG using methane captured from dairies’ waste. RNG is used as a transportation fuel and has lower greenhouse gas (GHG) emissions on a lifecycle basis when compared to conventional gasoline and diesel. The California Air Resources Board (CARB) has given similar projects a carbon intensity (CI) score of a weighted average of -317 compared to CI scores of 100 for conve