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UGI Announces Investment in a New Renewable Natural Gas Project in Upstate New York
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Rhea-AI Summary
UGI Corporation (NYSE: UGI) has announced that its joint venture, Cayuga RNG, will develop its fourth renewable natural gas (RNG) project in Schuyler County, New York. The project, set for completion in the second half of 2024, will produce approximately 150 million cubic feet of RNG annually. This initiative is part of UGI's commitment of nearly $250 million to RNG projects across multiple states. The project aims to provide environmental benefits while supporting local farmers, with GHI Energy as the exclusive marketer for the RNG produced.
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Cayuga RNG's fourth project expected to produce 150 million cubic feet of RNG annually.
UGI's commitment of nearly $250 million to RNG projects enhances growth potential.
Project set to deliver environmental benefits to local farmers and communities.
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WYOMISSING, Pa.--(BUSINESS WIRE)--
UGI Corporation (NYSE: UGI) announced today that Cayuga RNG has entered into an agreement to develop its fourth project to produce renewable natural gas (“RNG”) in upstate New York. Cayuga RNG is a joint venture of UGI Energy Services, LLC (“UGIES”), a subsidiary of UGI, and Global Common Ventures, LLC (“GCV”).
Cayuga RNG’s fourth project will be constructed at Bergen Farms and Glenview Dairy, both located in Schuyler County in upstate New York. The project will include the construction of a manure digester and gas upgrading equipment at each location. Once completed in the second half of calendar year 2024, the project is expected to produce approximately 150 million cubic feet of RNG annually that will be delivered to a local natural gas pipeline serving the regional distribution system. UGIES’ subsidiary, GHI Energy, will be the exclusive marketer for Cayuga RNG.
“We are excited to increase our portfolio of sustainable energy solutions that will deliver environmental benefits to farmers, communities and customers,” said Robert F. Beard, Executive Vice President - Natural Gas, UGI. “Renewables is a platform for growth at UGI and, with this investment, we have committed nearly $250 million to RNG projects across multiple states that will further expand our geographic footprint and earnings capability.”
“Bergen Farms and Glenview Dairy are excited to be involved with UGI in a renewable energy project on our farm,” said Jim Bergen of Bergen Farms and Glenview Dairy. “We expect this to benefit the farm, the local community and the environment. This project will help to reduce odors from the manure generated onsite. The anaerobic digesters that are planned will reduce the amount of methane that is emitted into the atmosphere from storing the manure as well as using the methane to replace fossil fuels.”
About UGI Corporation
UGI Corporation is a distributor and marketer of energy products and services. Through subsidiaries, UGI operates natural gas and electric utilities in Pennsylvania, natural gas utilities in West Virginia, distributes LPG both domestically (through AmeriGas) and internationally (through UGI International), manages midstream energy assets in Pennsylvania, Ohio, and West Virginia and electric generation assets in Pennsylvania, and engages in energy marketing, including renewable natural gas in the Mid-Atlantic region of the United States and California and internationally in France, Belgium, the Netherlands and the UK.
Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.
About GCV
GCV designs, develops, owns and operates various energy projects, including utility scale power plants, renewable fuels projects, microgrids, and on-site generation projects. GCV establishes Strategic Energy Partnerships with our clients to design and implement energy projects that meet their business objectives. GCV has a broad range of experience in all aspects of energy project design, development and financing. GCV has performed innovative feasibility studies and project design; negotiated project agreements needed to enable financing, including complex power purchase agreements (PPAs); engineering, procurement, and construction (EPC) contracts; fuel supply agreements; and secured complex environmental permits in challenging regulatory environments. GCV also has extensive experience developing financial models and securing project financing.
Bergen Farms and Glenview Dairy are owned and operated by third and fourth generation Bergen family members since the family moved to Odessa NY from New Jersey in 1941. The farm milks 5,700 holstein and jersey cows at two locations in Odessa. The farm grows crops on 8,000 acres to support the dairy’s forage needs.
