Kinder Morgan wraps up Kinetrex Energy acquisition for $310m
U.S. energy infrastructure company Kinder Morgan has closed on its previously announced acquisition of compatriot LNG supplier Kinetrex Energy for $310 million.
Kinder Morgan, an affiliate of Parallel49 Equity, now acquired the Indianapolis-based LNG supplier.
The $310 million acquisition covers two small-scale, domestic LNG production and fueling facilities.
It also includes a 50 per cent interest in a landfill-based renewable natural gas (RNG) facility in Indiana.
Signed commercial agreements for three additional RNG facilities with construction to begin shortly are also part of the deal.
Once operational next year, total annual RNG production from the four sites is estimated to be over four billion cubic feet.
By capturing methane produced from the decomposition of organic waste, the RNG production process reduces or eliminates greenhouse gas emissions.