CIM Group buys RNG developer MAS CanAm
MAS Energy, a renewable natural gas (RNG) producer active across North America, has offloaded seven landfill RNG projects and options held by its subsidiary, MAS CanAm, to diversified real estate and infrastructure business CIM Group.
CIM Group, which announced the deal September 12, will gain 100% equity ownership of MAS CanAm's RNG development portfolio which spans pre-production projects in British Columbia, Wisconsin, Pennsylvania, Illinois and Virginia.
CIM Group aims for the portfolio to be producing RNG by year-end, and plans to rebrand the platform as Terreva Renewables. Terreva will also acquire exclusive options to deliver two potential RNG investments in North Carolina.
MAS CanAm's existing management team will continue to lead the new business following the acquisition, expected to add more than 3.9mn mnBtu/yr of RNG output to CIM Group during the first phase of production.
MAS CanAm previously disposed of three RNG plants in Texas and Louisiana to US midstream giant Kinder Mogan, in a $355mn transaction which closed July 19.
Avi Shemesh, co-founder and principal of CIM Group, said: "CIM Group’s acquisition of Terreva represents a marquee transaction in the RNG sector that came about as a result of our long-standing commitment to and experience in renewable energy, and our strong, established relationship with MAS Energy.
"We continue to believe RNG is a crucial component of the global energy transition and are excited to contribute as a leader in decarbonisation."