Leyline Renewable Capital announced today (11/20) that it has entered into an agreement with RNG Energy Solutions to provide bridge funding for the development of two major anaerobic digestion facilities located in Philadelphia, Pennsylvania and Linden, New Jersey. Leyline Renewable Capital works with developers like RNG Energy Solutions to provide capital for the pre-construction phase of renewable energy projects, including permitting, engineering, site analysis and securing interconnection agreements.
"Leyline Renewable Capital has demonstrated a unique understanding of the anaerobic digestion space and the specific challenges that come with renewable energy development," said James Potter, president of RNG Energy Solutions. "RNG brings 30 years of experience to the table and we strongly value a financing partner that shares our deep understanding of the renewable energy industry and the capital needs of developers. With Leyline Renewable Capital, we have found that ideal combination and are confident that these two facilities represent the first of many opportunities to work together."
Anaerobic digestion takes organic waste from multiple waste streams, including food waste from restaurants, grocery stores, food processing facilities and high-occupancy buildings like sports arenas, diverting it from landfills, where it would normally decompose and release greenhouse gasses. Instead, waste is broken down by microorganisms in a sealed digestion facility and converted into renewable natural gas. The process also creates an organic soil amendment which is used as fertilizer.
The two RNG Energy facilities will each be able to take in up to 1,100 tons of organic waste per day, resulting in the daily production of up to 3,000 dekatherms of renewable natural gas, equivalent to the energy value of 26,000 gallons of gasoline. This production of renewable natural gas for use as vehicle fuel will also result in significant reductions of greenhouse gas emissions equivalent to 135 million fewer miles driven by gas-powered cars annually.
"We started Leyline to ensure that renewable energy projects like these RNG Energy Solutions facilities make it through the critical pre-construction phase," said Erik Lensch, CEO of Leyline Renewable Capital, "These projects are the backbone of the next-generation clean energy infrastructure needed to meet ambitious sustainability, waste reduction and renewable energy goals to combat climate change. Our team of experienced renewable energy professionals understand development first-hand, and the important role flexible pre-construction capital plays in ensuring projects like these meet key deadlines and are financially viable in the communities they serve."
The two RNG Energy facilities being financed by Leyline will be among the largest carbon reduction facilities built in their respective states. The Philadelphia facility is located on a 23-acre portion of the former 1,400 acre Philadelphia Energy Solutions refinery. It will take in organic waste from the Philadelphia metro region and transform it into renewable natural gas which will be injected into the Interstate Pipeline and sold as transportation fuel. When the project was first announced last year, it was applauded by local leaders, including Philadelphia Mayor Jim Kenny, for the economic and sustainability benefits it will bring to the region.
The second project is located just outside New York City in Linden, New Jersey and takes organic waste streams from northern New Jersey and the New York metro area. Waste processed at this facility will be converted into bio-methane which will be refined to pipeline quality gas. This facility will allow the greater northern New Jersey and New York City region to reduce waste disposal costs and significantly reduce carbon emissions. It is also expected to create more than 400 direct and indirect jobs during the construction phase and the facility will ultimately employ 30 full time staff onsite with an additional 40 jobs associated with hauling and offsite processing.
In addition to this deal with RNG Energy Solutions, Leyline Renewable Capital is financing the development of dozens of solar, anaerobic digestion and energy storage projects across the United States. The company recently received an investment of $150 million to expand their renewable energy investment portfolio.
About Leyline Renewable Capital:
Leyline Renewable Capital invests in the development, construction and financing of sophisticated renewable energy projects. Backed by a team of seasoned investors with deep experience in the renewable industry, Leyline provides financing that bridges the gap between mid-stage development and construction. By investing in the pre-construction phase of renewable energy projects, Leyline is able to accelerate the development process and help developers scale their business. Leyline leverages a broad base of experience in greenfield project development, design, construction, and financial close with an extensive network of relationships with industry leaders to provide support and capital for projects from concept to commercial operation. www.leylinecapital.com
About RNG Renewable Energy:
RNG Energy develops, finances, owns and manages the operations of state-of-the-art anaerobic digester projects that produce renewable natural gas. RNG brings three decades of conventional and alternative energy development experience in the agricultural, urban, and industrial environments, including the development, financing, construction management, and start-up of the largest co-digestion anaerobic digester project in the world. www.rngenergysolutions.com
Media Contact: Nick Horowitz, +1 (571) 225-4050, nick@waxmanstrategies.com
