Clean Energy Fuels said it will sell its majority interest in the McCommas Bluff biomethane production facility located in Dallas, Texas, to minority interest owner Cambrian Energy.
The value of the transaction is approximately $40.6 million with approximately $3.0 million in additional compensation pending further performance tests of the McCommas facility to be completed in early 2015. Clean Energy will continue to have the right to market and sell biomethane produced at the facility under its Redeem renewable natural gas vehicle fuel brand.
Clean Energy commenced production at its new biomethane facility in North Shelby, Tennessee, last year and added an additional 12 third-party-owned biomethane production sources to its portfolio of RNG supply.
The U.S. Environmental Protection Agency underscored the potential of biomethane in the renewable fuel landscape when it recently reclassified biomethane as a cellulosic biofuel under the Federal Renewable Fuel Standard.
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Press Release; Image: Clean Energy Fuels