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On September 12, 2022, CIM Group acquired the Renewable Natural Gas (RNG) development platform of MAS CanAm, LLC, an affiliate of MAS Energy, a key developer of landfill gas-based RNG in the U.S. and Canada. This acquisition, which included seven projects in progress or development, led to the renaming of the platform to Terreva Renewables (“Terreva”).
Terreva is anticipated to begin RNG production by the end of 2022, aiming to become a major player in the North American RNG market. Its initial portfolio is expected to produce over 3.9 million mmbtu of RNG annually. CIM Group plans to expand Terreva Renewables significantly across North America.
Avi Shemesh, Co-Founder and Principal of CIM Group, highlighted the acquisition as a pivotal move in the RNG sector, reflecting the company's long-term commitment to renewable energy and partnership with MAS Energy. He emphasized the importance of RNG in the global energy transition and decarbonization efforts.
The initial portfolio of Terreva includes projects in various locations across North America, and the existing development team will continue to lead the company. The acquisition aligns with CIM Group’s focus on sustainable investments and aligns with federal and state-level renewable fuel initiatives.
Legal advisement for CIM Group was provided by Baker Botts LLP, while MAS Energy was advised by Kirkland & Ellis LLP and Cantor Fitzgerald LP.
Parties
Company
CIM Group
Company
MAS Energy, LLC
Deal Type
Merger & AcquisitionIndustry
EnergyTransaction
Undisclosed/ConfidentialDeal Status
ClosedClosing Date
12 September 2022