Fuel trader and refiner Varo Energy, owned by Carlyle and energy trader Vitol (VITOLV.UL), told Reuters on Thursday it had bought an 80% stake in Dutch biogas maker Bio Energy Coevorden BV (BEC) with a view to doubling its capacity by 2026.
The acquisition, which Varo said is its largest since 2015, was announced about a year after Dev Sanyal took over as chief executive officer of the company following three decades at BP where he last served as the head of gas and low carbon energy.
Varo, headquartered in Zug, Switzerland, declined to say how much it paid for the stake in the Dutch group, which it bought from STAK Grisbe and VanDrie Group. Those firms will continue to own 15% and 5% stakes, respectively, once the deal is closed, which is expected to happen in February. "We are investing hundreds of millions of dollars ... The transaction is in a very good neighbourhood, it straddles Holland and Germany," which is a demand growth centre, Sanyal told Reuters.until 2026, with two-thirds of the money going to its sustainable energies business, while around $140 million per year will sustain capital expenditure in hydrocarbons.
Varo, which has pledged to become net carbon zero by 2040, wants to increase BEC's capacity from 300 gigawatt-hours to 650 GWh by 2026, which would make it one of the three largest biogas facilities in Europe with an investment of 65 million euros .
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Polestar Expects To Boost Sales By 80% This Year Following A Record 2022 | CarscoopsThe all-new Polestar 3 will help to boost sales and push the automaker to a higher-end of the market
Les mer »
Culinaria's Winter Restaurant Weeks kicks off Jan. 16More than 80 San Antonio-area restaurants are participating in Culinaria's Winter...
Les mer »
More than 80 flights delayed at San Antonio airport following FAA meltdownSan Antonio Aviation Director Jesus Saenz said activity should return to normal in the coming hours.
Les mer »
Why wait for 2050? Methane emissions can be cut this decade, expert claims - Plugged In'Plugged In' host Neil Chatterjee and energy reporter Breanne Deppisch welcome trading and emissions expert Georges Tijbosch to talk about practical steps that can be taken to fight climate change — including reducing methane gas emissions within this decade. Tijbosch, the CEO of MiQ says the Biden administration's goals for the energy transition will take time to achieve, but his nonprofit's work of reducing emissions and certifying gas is a large step forward. He added that combatting the energy crisis comes down to three things: Energy sustainability, affordability, and security of the supply.
Les mer »
Dutch Startup 3D Prints Bridge With 10,000 Pounds of Stainless SteelIt marks a new start in additive manufacturing because a 3D-printed metal structure strong enough to handle pedestrian traffic has never been built before.
Les mer »
Dutch exchange Bitvavo rejects DCG’s proposal to repay 70% of debt“As creditors, we do not find the latter acceptable because DCG has sufficient resources available for full repayment,” DCG creditor Bitvavo said.
Les mer »