BlackRock to buy Vanguard Renewables
By Michele Maatouk
Date: Wednesday 20 Jul 2022
(Sharecast News) - Massachusetts-based organics-to-renewable energy company Vanguard Renewables has agreed to be bought by BlackRock.
Vanguard said on Wednesday that a fund managed by BlackRock Real Assets has acquired the company from Vision Ridge Partners.
BlackRock Real Assets will partner with Vanguard Renewables' management team to build on the company's "market-leading track record and drive its next phase of growth, including its plans to commission more than 100 anaerobic digesters to produce renewable natural gas across the country by 2026," it said.
No financial details were disclosed but a Wall Street Journal report from earlier in the day suggested the deal was being done for $700m.
Mark Florian, head of Diversified Infrastructure at BlackRock Real Assets, said: "Renewable natural gas is an attractive and fast-growing market that provides decarbonisation solutions for both the provider of the waste, as well as the natural gas consumer.
"We look forward to partnering with Vanguard Renewables' experienced management team to support the company's strong growth momentum."
Vanguard Renewables develops food and dairy waste-to-renewable energy projects. The company owns and operates on-farm anaerobic digester facilities in the northeast and currently operates manure-only digesters in the south and west for Dominion Energy.
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