The Newport Beach, Calif.-based natural gas fuel producer sold its share in the McCommas Bluff biomethane facility to Los Angeles-based minority interest holder Cambrian Energy Development LLC for about $40.6 million, with about $3 million in additional compensation pending results of performance tests at the operation to be completed early this year, according to a news release.
Clean Energy retains the right to market and sell biomethane produced at the facility under its Redeem renewable natural gas (RNG) vehicle fuel brand.
Cambrian Energy and Clean Energy have been partners since Clean Energy bought into the McCommas project in August 2008.
“With McCommas remaining a RNG supplier, we will be able to focus our RNG business on Clean Energy Renewables’ core strength – marketing and selling alternative fuels,” said Harrison Clay, president of Clean Energy Renewables, a division of Clean Energy.
Clean Energy began operation of its new biomethane facility in North Shelby, Tenn., this year and added 12 third-party-owned biomethane production sources to its portfolio of RNG supply.