IFM Net Zero Infrastructure Fund Buys Natural Gas Developer
Posted on 02/01/2023
IFM Investors, through the IFM Net Zero Infrastructure Fund (NZIF), has signed a definitive agreement to acquire a majority interest in GreenGasUSA Holdings, LLC, a U.S.-based renewable natural gas developer, owner, and operator.
Founded in 2019 by Marc Fetten, GreenGas is a fully-integrated renewables platform headquartered in Charleston, South Carolina. Marc Fetten started his career in Finance and M&A at Bayer AG where he led cross-border transaction teams from locations in U.K., Germany, United States, and Singapore.
GreenGas sells renewable natural gas and associated environmental attributes under long-term offtake contracts with investment grade commercial & industrial customers, such as Mercedes-Benz, Berkshire Hathaway Energy, and Duke University. In April 2022, Mercedes-Benz Vans, LLC disclosed that they use renewable natural gas from GreenGas at its Charleston plant. The renewable natural gas is converted by GreenGasUSA from methane emissions at the McCall Farms commercial vegetable cannery in Effingham, South Carolina.
Launched in 2022, the IFM Net Zero Infrastructure Fund is an open-ended fund targeting essential infrastructure assets that seek to accelerate the world’s transition to a net-zero emissions economy. GreenGas represents NZIF’s first investment in the low carbon fuels sector, a core target sector of the fund.
Transaction close is targeted for first quarter of 2023 and subject to customary closing conditions and regulatory approvals.
Advisors
Marathon Capital, LLC acted as exclusive financial advisor to GreenGas on the transaction.
