One year since CIM Group’s formation of its renewable natural gas (RNG) portfolio company Terreva Renewables, founded with the acquisition of 100% of the RNG development platform of MAS CanAm, LLC, CIM Group is building on Terreva’s recent successes, including several new RNG operations, and is announcing that it has raised $417 million from corporate and institutional investors to advance the growth of this RNG platform. In the past year Terreva has completed construction and is operating several RNG facilities, and is growing the company by tapping into the ever-increasing demand for RNG as a vital contributor to decarbonization efforts across transportation, utility and industrial applications. CIM Group began investing in RNG in 2021 and formed Terreva in August 2022 to be a leading RNG platform in North America.
“Terreva is delivering on our expectations for the platform and, alongside our co-investors, we are expanding Terreva to meet the increasing interest from communities across the country seeking its expertise to develop and operate RNG facilities,” said Avi Shemesh, Co-Founder and Principal, CIM Group.
In January, Terreva completed its first RNG facility in Appleton, Wisconsin. Terreva has since commenced commercial operation on additional RNG facilities in Pennsylvania, Illinois, and Virginia. Each facility collects raw landfill methane gas and converts it into RNG to be used predominantly by large vehicle fleets running on compressed natural gas. During the first full year of operations of the four facilities, Terreva expects to provide the carbon reduction equivalent of removing approximately 21,600 cars from the road per annum or displacing the use of more than 11.2 million gallons of gasoline. More >>