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Ontario Teachers’ to Buy Majority Stake, Make $250M Commitment in RNG Developer Sevana

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.

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Sevana Bioenergy

About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.