Archaea Energy Pursues Acquisition of NextGen Power Holdings
Archaea Energy Inc., Houston, announced that its subsidiary, Archaea Infrastructure LLC, has entered into a definitive purchase and sale agreement with Riverview Investment Holdings to purchase Virginia-based NextGen Power Holdings LLC. The acquisition—which includes NextGen Power Holding’s subsidiary Ingenco—is valuated at roughly $215 million, subject to customary adjustments at closing. The transaction is expected to close on or after July 1.
According to a release, the purchase will act as a “significant addition to Archaea’s backlog of attractive RNG (renewable natural gas) development opportunities via the acquisition of existing electricity generation assets.” Archaea will gain Ingenco’s asset platform of 14 operating landfill gas to electric (LFGTE) plants at sites that had combined gas flows into the facilities of 7 million MMBtu (metric million British Thermal Unit) in 2021.