UGI invests in renewable energy producer
UGI Energy Services, a subsidiary of Pennsylvania-based UGI Corp., recently purchased a 33 percent equity interest in Ag-Grid Energy LLC, a U.S. renewable energy producer.
“We are pleased with the opportunity to increase our supply of safe, reliable, affordable and environmentally friendly energy,” Robert F. Beard, UGI executive vice president of natural gas, global engineering, construction and procurement, said. “This investment provides a platform for growth and additional diversification as we expand our renewables footprint into new geographies.”
Ag-Grid Energy develops, owns and operates waste-to-energy facilities on dairy farms throughout the United States. The small-scale renewable power projects convert agricultural and organic waste into renewable energy and byproducts.
Ag-Grid is currently engaged in the production of renewable power with four operational projects, in Connecticut and Massachusetts, and two under construction in Connecticut and New York that have a target completion date in December. Collectively, the projects will convert approximately 16 million gallons of food waste annually and are expected to produce approximately 2,800 kilowatts of power generation capacity.
“We are very excited to partner with UGI and look forward to creating a reliable supply of renewable energy for UGI and achieve our common goals of environmental stewardship and long-term sustainability of the communities that we serve and operate in,” said Rashi Akki, CEO of Ag-Grid Energy.
