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Waste & Recycling May 24, 2024 02:03:29 AM

Waste Manager WM Explores $3 Billion Sale of Renewable Natural Gas Unit

Waste Advantage
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WM is planning to offload the rights to develop RNG operations on 115 landfills that it owns, sources said, adding the company would retain ownership of the landfills.

Waste Manager WM Explores $3 Billion Sale of Renewable Natural Gas Unit

SEATTLE (Waste Advantage): Waste management firm, WM, is exploring a sale of its renewable natural gas business that could be worth about $3 billion. The Houston-based company is working with JPMorgan Chase & Co to gauge interest from potential buyers, which could include energy companies and private equity firms.

WM is planning to offload the rights to develop RNG operations on 115 landfills that it owns, sources said, adding the company would retain ownership of the landfills. RNG is methane captured from biological waste and converted into electricity or fuel.

If the deal talks conclude successfully, it would mark one of the biggest-ever asset sales in the nascent U.S. RNG industry. The largest sale was BP’s $4.1 billion takeover of Archaea Energy in 2022. “We are always looking for ways to maximize the value of our renewable energy business for our shareholders, which may range from organic growth initiatives to partnerships or monetization through a sale,” WM said in a statement.

Courtesy: www.wasteadvantage.com

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