Viridi Energy Secures Structured Equity Investment from HASI to Advance Marathon RNG Facility
Viridi Energy (“Viridi”), a renewable energy developer specializing in landfill gas-to-renewable natural gas projects, has announced the successful closing of a structured equity investment from HASI. The financing will support the continued development and expansion of Viridi’s Marathon landfill gas (“LFG”) to renewable natural gas (“RNG”) facility. The transaction marks the third investment that HASI has made in Viridi’s growing portfolio of renewable energy projects, underscoring the strong and expanding strategic partnership between the two organizations.
Viridi operates as a portfolio company backed by global private equity firm Warburg Pincus and renewable energy investment firm Green Rock Energy Partners. The company focuses on developing projects that convert landfill gas into renewable natural gas, a lower-carbon energy source that can be injected into natural gas pipelines or used as a transportation fuel. Through projects such as the Marathon facility, Viridi is working to capture methane emissions from landfills and transform them into useful energy while reducing greenhouse gas emissions.
The newly completed structured equity investment will accelerate capital deployment for Viridi and provide additional liquidity that can be used to support ongoing project development activities across its portfolio. According to company executives, this financing arrangement is designed to strengthen Viridi’s ability to continue expanding its renewable natural gas infrastructure while maintaining financial flexibility.
Dan Crouse, Chief Executive Officer of Viridi Energy, highlighted the importance of the partnership with HASI and the benefits that the new financing will bring to the company’s operations and development pipeline.
“Viridi is excited to expand its partnership with HASI through a structured equity investment which accelerates capital to Viridi and provides liquidity for continued project development,” Crouse said. “We value the confidence that HASI has shown in our team and our strategy, and we believe this collaboration will continue to support the growth of renewable natural gas infrastructure in the United States.”
The Marathon facility is a key component of Viridi’s expanding portfolio of landfill gas-to-renewable natural gas projects. Once operational, the facility is expected to generate renewable natural gas equivalent to the annual energy needs of approximately 5,800 homes. In addition to producing reliable and renewable energy, the project is projected to deliver significant environmental benefits by reducing greenhouse gas emissions.
Landfills produce methane as organic waste decomposes. Methane is a potent greenhouse gas that has a much higher global warming potential than carbon dioxide. Projects such as the Marathon RNG facility capture this methane-rich landfill gas before it is released into the atmosphere. The captured gas is then processed and upgraded to pipeline-quality renewable natural gas, which can be used in the same applications as conventional natural gas.
By converting landfill gas into renewable natural gas, the Marathon project is expected to reduce carbon emissions equivalent to approximately 18,400 tons annually. This reduction is comparable to removing thousands of gasoline-powered vehicles from the road each year. The project therefore contributes to both waste management sustainability and broader decarbonization efforts in the energy sector.
The use of renewable natural gas has gained increasing attention in recent years as governments, utilities, and private companies seek practical solutions to reduce emissions from existing energy systems. Unlike some other renewable energy sources, RNG can be transported through existing natural gas infrastructure and used across multiple sectors, including residential heating, industrial processes, electricity generation, and transportation.
Viridi’s strategy focuses on developing a diversified portfolio of landfill gas-to-RNG projects that leverage this infrastructure advantage. By capturing methane emissions and converting them into a marketable fuel, the company aims to create projects that deliver both environmental impact and long-term economic value.
The successful completion of the Marathon investment reflects the coordinated efforts of several financial and legal advisors who supported the transaction process. Viridi retained CRC as its financial advisor for the deal. Legal counsel for the transaction was provided by Sidley Austin LLP and Kirkland & Ellis LLP, both of which have extensive experience advising on complex energy and infrastructure financings.
David Barry, Chief Financial Officer of Viridi Energy, acknowledged the contributions of the various partners and advisors involved in bringing the financing to completion.
“This transaction reflects the hard work and dedication of an exceptional group of partners,” Barry said. “We thank everyone involved for their diligence, responsiveness, and focus on execution, which allowed us to meet key deadlines and bring this investment to a successful close.”
Structured equity investments such as this one are becoming increasingly common in renewable energy development, particularly for infrastructure assets that require substantial upfront capital but generate stable long-term revenue. By structuring the financing in a way that aligns investor returns with project performance, companies like Viridi can accelerate development while maintaining a balanced capital structure.
For HASI, the investment aligns with its long-standing strategy of supporting sustainable infrastructure projects that reduce carbon emissions and promote energy transition initiatives. The firm has built a reputation as a leading investor in climate solutions, financing projects across renewable energy, energy efficiency, and sustainable infrastructure sectors.
The continued partnership between Viridi and HASI reflects a shared commitment to scaling climate-positive energy projects. As demand for lower-carbon fuels continues to grow, landfill gas-to-RNG facilities are expected to play an increasingly important role in capturing methane emissions and providing renewable energy alternatives.
Viridi’s growing project pipeline, supported by strategic financing partnerships and experienced investors, positions the company to expand its footprint in the renewable natural gas market. The Marathon facility represents another step forward in the company’s broader mission to convert waste-based emissions into valuable energy resources while supporting environmental sustainability goals.
With the completion of this latest investment, Viridi continues to demonstrate its commitment to deploying flexible and innovative capital solutions that enable the rapid development of renewable energy assets. As additional projects move forward across the United States, the company expects its partnership with HASI and other investors to play a key role in supporting the long-term growth of its renewable natural gas platform.
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