Pipeline Operator Kinder Morgan to Buy Kinetrex Energy in Green Energy Push
(Reuters) — Pipeline operator Kinder Morgan Inc said it would buy renewable natural gas developer Kinetrex Energy from an affiliate of Parallel49 Equity for $310 million, to expand into green energy amid investor pressure to tackle climate change.
Kinder Morgan in March had formed an Energy Transition Ventures group to focus on low-carbon energy initiatives, in an effort to meet climate targets, in response to demands from investors to lower production of fuels that contribute to global warming and invest more in clean energy.
Kinetrex, which supplies liquefied natural gas in the U.S. Midwest, has a 50% interest in the largest renewable natural gas (RNG) facility in Indiana as well as commercial agreements to begin construction on three additional landfill-based RNG facilities, Kinder Morgan said on Friday.
In 2022, once the facilities are operational, the total annual RNG production from the four sites is estimated to be over 4 billion cubic feet, the company added.
RNG is derived from organic waste material found in daily life such as food waste, garden and lawn clippings as well as animal and plant-based material. It can also be derived from degradable carbon sources like paper, cardboard and wood.
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