Regulatory News:
TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE), a global
integrated energy company, and Vanguard Renewables, a U.S. leader
in farm-based organics-to-renewable natural gas production and a
portfolio company of a fund managed by BlackRock’s Diversified
Infrastructure business, have signed an agreement to create an
equally owned joint venture to develop, build, and operate Farm
Powered® renewable natural gas (RNG) projects in the United States.
The signing took place in New York on April 12th 2024 in the
presence of Patrick Pouyanné, Chairman and CEO of TotalEnergies and
Larry Fink, Chairman and CEO of BlackRock.
TotalEnergies and Vanguard Renewables will advance 10 RNG
projects into construction over the next 12 months, with a total
annual RNG capacity of 0.8 TWh (2.5 Bcf). The three initial
projects in this agreement are currently under construction in
Wisconsin and Virginia, each with a unit capacity of nearly 75 GWh
(0.25 Bcf) of RNG per year.
Beyond these first 10 projects, the partners will consider
investing together in a potential pipeline of about 60 projects
across the country for a total capacity of 5 TWh (15 Bcf) per
year.
"TotalEnergies is pleased to partner with BlackRock and its
portfolio company Vanguard Renewables, to accelerate the
development of food biowaste processing into renewable natural gas
in the United States. By expanding into this fast-growing market,
our joint venture will create value for both companies while
benefiting the food and farming sectors as well as providing a
ready-to-use solution to industrial companies willing to
decarbonize their energy supply. This joint venture is a new step
for TotalEnergies in achieving its objective to produce 10 TWh of
renewable natural gas by 2030,” said Olivier Guerrini, Vice
President, Biogas at TotalEnergies.
Vanguard Renewables, a key RNG player in the United
States
Headquartered near Boston, Massachusetts, Vanguard Renewables
was founded in 2014 and has a workforce of approximately 260. The
company currently operates 17 organics-to-renewable energy
facilities with an annual capacity of more than 440 GWh (1.5 Bcf)
of RNG. Looking beyond 2024, Vanguard Renewables plans to
commission over 100 RNG projects by the end of 2028.
In July 2022, Vanguard Renewables was acquired by BlackRock,
through a fund managed by its Diversified Infrastructure business
(“BlackRock”). BlackRock has partnered with Vanguard Renewables’
management team to build upon the company’s market-leading track
record to drive the next phase of its growth to support the
nationwide expansion of its anaerobic digester projects from coast
to coast. BlackRock will remain the majority shareholder of
Vanguard Renewables.
“We are thrilled to welcome TotalEnergies as a strategic
partner, building on our mission of developing farm-based
organics-to-renewable natural gas projects across the United
States. This collaboration validates Vanguard’s leadership position
in the RNG space in the U.S. and brings together our expertise with
TotalEnergies’ extensive experience in large-scale energy
development, safety procedures, and global partnerships. These 10
RNG projects, jointly undertaken by TotalEnergies and Vanguard
Renewables as co-investment partners, further reinforce our
commitment and ability to deliver on our mission of harnessing the
power of waste to decarbonize our planet,” stated Neil H. Smith,
Chief Executive Officer at Vanguard Renewables.
TotalEnergies and Vanguard Renewables, a robust
partnership
The joint-venture will benefit from the expertise of both
companies:
- Thanks to its experienced teams and development platform,
Vanguard Renewables will contribute to the JV its ready-to-build
projects at scale. It will also manage feedstock supply, the
assets, operations, and renewable natural gas sales.
- Leveraging its strong position in the European market,
especially in France and Poland, TotalEnergies will bring to the JV
its industrial expertise, providing technical support on the design
and engineering of the facilities, and on the plant’s operational
performance.
TotalEnergies and Vanguard Renewables will market the RNG
through long-term purchase agreements with buyers actively engaged
in decarbonization of their industrial processes.
“This exciting partnership brings together TotalEnergies’ global
experience in scaling and operating renewable gas assets with
Vanguard Renewables’ market-leading position in the United States,
extensive operational history and customer relationships, and
robust project portfolio. With TotalEnergies as a strategic
partner, Vanguard Renewables will be positioned to achieve even
stronger growth and continued success”, said Doug Vaccari,
Managing Director, Diversified Infrastructure, BlackRock.
Transforming food waste and decarbonizing the production of
major US brands
The first 10 projects are based on a model of waste materials
recovery from the food and beverage industries, supplemented with
dairy manure from dairy farms. The anaerobic digesters will be
built on the dairy farms themselves, which will then recover and
manage the digestate (a byproduct of the anaerobic digestion
process) as a low-carbon and nutrient dense fertilizer.
To feed its digesters, Vanguard Renewables has established a
major network of leading food industry brands across the US and the
groundbreaking Farm Powered Strategic Alliance, which gives
Alliance members preferred access to recycle their organic waste
generated from manufacturing or retail activities and the potential
opportunity to purchase the renewable energy generated at a
Vanguard Renewables’ facility. The Alliance’s members include
multi-national corporations across several verticals, including
leading food, beverage, and pharmaceutical manufacturers.
In anticipation of the Company’s growing portfolio of anaerobic
digesters Vanguard Renewables has expanded its food and beverage
diversion services and its organics solutions team to provide
service throughout the contiguous United States.
The transaction completion is subject to customary conditions
precedent.
About Vanguard Renewables
Vanguard Renewables, based in Weston, Massachusetts, is a
national leader in developing 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.
Vanguard Renewables plans to expand nationwide to more than 100
anaerobic digestion facilities by 2028. Vanguard Renewables is
committed to advancing decarbonization by reducing greenhouse gas
emissions from farms and food waste, generating renewable energy,
and supporting regenerative agriculture on partner farms via Farm
Powered® anaerobic digestion. Vanguard Renewables is a portfolio
company of funds managed by BlackRock.
To learn more visit vanguardrenewables.com
TotalEnergies and biogas
TotalEnergies is a leading company in the European biogas
segment with production capacity of 1.1 TWh. The Company aims to
become a major player in this segment across several key markets,
particularly in Europe and the United States by joining forces with
leading partners such as Clean Energy and Veolia, to reach its
objective of producing 10 TWh of biomethane by 2030. It is active
across the entire value chain, from project development to
marketing of this renewable gas and its byproducts, including
biofertilizers and bioCO2.
About TotalEnergies
TotalEnergies is a global integrated energy company that
produces and markets energies: oil and biofuels, natural gas and
green gases, renewables and electricity. Our more than 100,000
employees are committed to provide as many people as possible with
energy that is more reliable, more affordable and more sustainable.
Active in about 120 countries, TotalEnergies places sustainability
at the heart of its strategy, its projects and its operations.
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Cautionary Note
The terms “TotalEnergies”, “TotalEnergies company” or “Company”
in this document are used to designate TotalEnergies SE and the
consolidated entities that are directly or indirectly controlled by
TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also
be used to refer to these entities or to their employees. The
entities in which TotalEnergies SE directly or indirectly owns a
shareholding are separate legal entities. This document may contain
forward-looking information and statements that are based on a
number of economic data and assumptions made in a given economic,
competitive and regulatory environment. They may prove to be
inaccurate in the future and are subject to a number of risk
factors. Neither TotalEnergies SE nor any of its subsidiaries
assumes any obligation to update publicly any forward-looking
information or statement, objectives or trends contained in this
document whether as a result of new information, future events or
otherwise. Information concerning risk factors, that may affect
TotalEnergies’ financial results or activities is provided in the
most recent Universal Registration Document, the French-language
version of which is filed by TotalEnergies SE with the French
securities regulator Autorité des Marchés Financiers (AMF), and in
the Form 20-F filed with the United States Securities and Exchange
Commission (SEC).
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TotalEnergies Media Relations:+33 (0)1 47 44 46 99l
presse@totalenergies.com l @TotalEnergiesPR Investor Relations:+33
(0)1 47 44 46 46 l ir@totalenergies.com
Vanguard Renewables Billy Kepner +1 (607) 331-9806
bkepner@vanguardrenewables.com
BlackRock Christopher Beattie +1 (646) 231-8518
christopher.beattie@blackrock.com
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