
Ontario Teachers’ to Buy Majority Stake, Make $250M Commitment in RNG Developer Sevana
The Ontario Teachers’ Pension Plan Board will acquire a majority stake in Sevana Bioenergy and make a capital commitment of $250 million in the Boise, Idaho-based renewable natural gas (RNG) developer under a new strategic partnership.
Sevana is a pioneer in the RNG industry, developing and upgrading large-scale biogas projects to increase the production and use of RNG through the reduction of organic waste.
California-based Sevana has completed dairy and organics projects across agricultural areas including Oregon, Idaho and South Dakota since its founding in 2017 by CEO John McKinney, and the partnership aims to help the company scale and develop RNG projects across North America.
Sevana is the latest investment by Ontario Teachers’ Pension Plan in the Sustainability and Energy Transition sector. The pension plan is committed to achieving net-zero greenhouse gas emissions by 2050.
Kirkland & Ellis LLP served as legal counsel to Ontario Teachers’ on the transaction. Fredrickson and Byron served as legal counsel to Sevana.