Clean Energy Fuels Corp. has announced that, CE bp Renew Co, LLC, its joint venture with BP Products North America Inc., has finalized the sale of $29.5 million in investment tax credits (ITC). This marks the third successful ITC transaction and completes the sale and monetization of all ITCs tied to its six operating renewable natural gas (RNG) projects.
The $29.5 million in credits were generated by four of Clean Energy’s dairy RNG production facilities: Ash Grove, Marshall Ridge, VF Renewables and Tri Cross, dairies which are located in key agricultural regions in Minnesota, Iowa and South Dakota. These projects collectively have the ability to produce up to an estimated 3.9 million gallons of negative carbon-intensity RNG annually to fuel transportation fleets.
“This transaction highlights the value of our renewable natural gas development portfolio”, said Clay Corbus, senior vice president and head of renewable fuels at Clean Energy. “As the third successful transaction to fully monetize our RNG projects, it’s a milestone which reflects market confidence and positions Clean Energy for further growth in the clean fuel sector.”
