Vision RNG (VRNG) has closed on an aggregate $207 million in project financing with HASI, an investor in climate solutions.
This landmark funding will be instrumental in accelerating Vision RNG’s growth strategy which will result in advancing sustainable energy solutions and reducing carbon emissions.
The financing package includes both a $130 million construction facility and a $77 million investment tax credit (ITC) bridge loan, underscoring HASI's structuring capabilities as a preeminent investor in energy transition assets. The funds will be used to develop facilities to convert landfill gas into renewable natural gas (RNG) at the Ohio landfills of sustainable waste and recycling service provider WIN Waste Innovations.
“Our partnership with HASI is a major milestone for Vision RNG,” said Kevin Johnson, Chief Financial Officer at Vision RNG. “This funding enables us to continue moving forward with our ambitious plans to produce more renewable natural gas, ultimately reducing greenhouse gas emissions and supporting the transition to cleaner energy sources.”
With an initial output expected to exceed 2 million MMBtus of RNG annually, the Projects aim to double this production within 11 years, positioning them among the largest RNG developments in the country. The anticipated annual reduction of approximately 120,000 tons of fossil-based carbon dioxide (CO2) emissions underscores the environmental impact of this financing and the projects it will support.
The RNG produced will provide a cleaner alternative for end users seeking to lower their carbon footprints. The projected emissions reductions from these initiatives equate to the estimated CO2 emissions produced by over 12 million gallons of gasoline or 250,000 barrels of oil each year.
Additionally, the projects will stimulate the local economy by creating numerous jobs to support the construction and operation of the Projects, demonstrating the broader economic benefits of this significant investment.
Landfill gas is a natural byproduct of waste decomposition and Vision RNG, with the backing of HASI and in partnership with WIN Waste Innovations, is committed to transforming this waste into a valuable renewable resource, reducing reliance on fossil fuels and contributing to a sustainable energy future.
“HASI is excited to partner with Vision RNG on these two remarkable projects that create low-carbon RNG by capturing methane emissions from landfills,” added Annmarie Reynolds, HASI Senior Managing Director. “This investment highlights our ability to deploy tailored financing solutions that enable our partners to accelerate the deployment of clean fuels to heat homes and decarbonize the transportation sector.”
“Converting landfill gases into RNG keeps them out of the atmosphere and provides a resource that is in much demand by the transportation sector,” says Doug Wilson, Chief Financial Officer at WIN Waste Innovations. “That very much aligns with our goal to embed sustainability at every step of our operations. We are excited to partner with Vision RNG to make good use of this renewable resource.”
