Varo Energy acquires biogas trader
SUMMARY
Renewable Energy Services sourced 250,000 MWh of biogas across ten European countries.
By Shardul SharmaEuropean energy company Varo Energy on June 15 announced its acquisition of Renewable Energy Services (RES), a biogas trading company.
RES sourced 250,000 MWh of biogas in 2022, leading to a reduction of 60,000 metric tons of greenhouse gas emissions. The company aims to deliver 1 TWh of biogas in 2023 and plays a role in connecting biogas producers with consumers across Europe.
RES sources biogas from various producers and ensures the renewable origin of the biogas through logistics support, compliance expertise, and green certificates.
The transaction is expected to be finalised in Q3 2023, pending regulatory approval. Varo considers biogas a crucial component of the future European energy mix and a strategic growth pillar. The company anticipates a threefold increase in European biogas demand by 2030, with bio-LNG expected to grow tenfold in Germany by the end of the decade.
In January, Varo Energy acquired an 80% stake in Bio Energy Coevorden, a Dutch biogas producer.
