New Energy One (NEO), jointly owned by Meridiam, an independent investment Benefit Corporation under French law and an asset manager, and an affiliate of Sevana Bioenergy, a California-based anaerobic digestion project developer, announced today the completed transaction of negative Carbon Intensity (CI) electricity supply from their Idaho-based dairy digester facility for use in electric vehicles in California. The sale is one of the first of its kind and hints at a growing trend of biogas facilities transitioning to electricity to support the decarbonizing California transportation market.
3Degrees, a firm that helps organizations achieve renewable energy and decarbonization goals, worked with NEO to determine the best strategy for maximizing the benefit of the power it generates. Through this joint effort, 3Degrees purchases the power from the NEO facility, wheels it into the California market, and matches it with electric vehicle chargers in order to generate credits under California’s Low Carbon Fuel Standard (LCFS). To enable this, 3Degrees managed the Tier 2 pathway approval process with the California Air Resources Board (CARB), including the modeling and validation process required for NEO’s negative carbon-intensity score.
The power from this facility has a Carbon Intensity score of -698.21 grams of CO2e/megajoule, one of the best scores registered for an approved pathway under the LCFS. Each MWh of electricity generated by this project and delivered into EVs equates to 3.6 tons of CO2 emissions reductions, 2.5 more tons than qualifying zero-CI RECs generated from wind or solar resources.
“This investment, first of its kind for Meridiam in North America (after having invested in 12 biogas facilities in Europe), further supports our commitment to invest for people and the Planet and achieve sustainable, long-term growth,” says Peter Petrovszki, Investment Director at Meridiam. “We are proud to have achieved a very ambitious CI score, together with our partners, and we are working relentlessly to continue supporting this asset class and developing similar projects throughout North America, Europe and Africa.”
“Sevana is pleased to lead development of this innovative project to decarbonize transportation fuels in collaboration with our partners,” says Steve Compton, Executive Vice President at Sevana Bioenergy. “Realizing this carbon negative anaerobic digestion pathway is an example of working as a team to deploy cutting edge renewable energy market insight and capabilities.”
“The LCFS provides the opportunity for anaerobic digesters of all kinds to generate significant value from the environmental benefits they provide,” says Dave Meyer, Director of Transportation Markets at 3Degrees. “Accessing this value requires deep expertise in complex regulatory markets and the ability to manage the entire supply chain. 3Degrees is proud to partner with Meridiam and Sevana to deliver the value and the environmental impact associated with this project.”
The project began delivering power in November 2020, and CARB issued the first LCFS credits from this project in July 2021. In addition to the California LCFS, a Tier 2 pathway has recently been approved for this project to support Oregon’s Clean Fuels Program, making it one of the first of its kind in the state.
As a world leader with $17.8 billion of assets under management, Meridiam has invested close to $1 billion of inter-generational capital in nine states in the United States and it is estimated that over 20,000 direct and indirect jobs have been created by our U.S. projects. ESG criteria are at the heart of all our investment decisions and each of our projects is measured against the United Nations Sustainable Development Goals (SDGs). Our mission is to go beyond investing our resources by actively helping to develop the global community through partnerships or alliances to build the world of tomorrow.
Meridiam completed the “B” Impact Assessment as part of the self-reported and unaudited process and is awaiting B-Lab verification. Once certified, Meridiam will join a movement of 3,500+ Benefit Corporations globally that are helping to accelerate the global culture shift to redefine success in business and build a more inclusive and sustainable economy.
Upon investing in a project, Meridiam utilizes its proprietary, advanced sustainability impact measurement platform, Simpl, to track and monitor the project’s impact. Meridiam is one of the few infrastructure investors in the US deploying such a targeted and sophisticated mechanism to ensure that projects deliver environmental, social, and economic benefits to the communities in which they exist.
Sevana Bioenergy develops, designs, owns, and operates large-scale anaerobic digestion projects which produce renewable natural gas and organic-based soil amendments. Using state-of-the-art technology, engineering, and design, we are advancing the future of biogas energy production in the United States. Biogas projects reduce waste, increase the use of renewable energy and reduce long-term greenhouse gas emissions. Our mission is to be a market leader in accelerating the production of renewable natural gas derived from anaerobic digestion facilities in North America. With an experienced team of national and international experts, we build value-add partnerships in agricultural communities by creating new markets for existing agricultural businesses. Our goal is to ensure that communities benefit and thrive through these partnerships while building renewable solutions to local waste and energy challenges. More information is available at www.sevanabioenergy.com.
 LCFS Fuel Pathway Code ELC026B01400100
 Using the formula in Section 95486.1(a)(1) of the LCFS regulation assuming the electricity is used in light-duty vehicles for compliance year 2021
 OR pathway code ELC998OR00110100