NOVA, Nopetro partner on RNG

NOVA Infrastructure, a middle-market infrastructure investment firm, on May 31 announced that it has partnered with Nopetro Energy to create a renewable energy platform focused on renewable natural gas (RNG) and biofuels called Nopetro Renewables. As part of the transaction, Nopetro Renewables will construct one of Florida’s first landfill-gas-to-RNG facilities in Vero Beach, Florida.

“NOVA’s new RNG-focused partnership with Nopetro Energy capitalizes on the strong, increasing trend towards decarbonization of the natural gas value chain and benefits from Nopetro’s strong track record of commercializing renewable energy projects,” said Chris Beall, founder and managing partner of NOVA Infrastructure. “Our new platform, Nopetro Renewables, seeks to build and operate renewable energy infrastructure, starting with a shovel-ready landfill-gas-to-RNG project in Vero Beach. Our joint venture will generate significant ESG benefits to all stakeholders, as both compressed natural gas (CNG) and RNG assets play a key role in reducing carbon emissions and facilitating the energy transition.”

Nopetro was founded in 2007 with the goal of displacing petroleum consumption with a cleaner, cost-effective and domestic natural gas fuel. Led by Jorge Herrera, the company has developed a strong reputation in the Southeast and currently operates 16 CNG fueling facilities where it serves government, waste, and industrial customers. In addition to investing in the newly formed Nopetro Renewables’ platform, NOVA also has made an equity investment in Nopetro Energy.

“We’re thrilled about the growth opportunities presented with this partnership,” said Jorge Herrera, CEO of Nopetro. “NOVA’s experience and relationships in the environmental services industry and its strong investment record are all tremendous value-adds to our platform. Since we began our mission over 15 years ago, we’ve been committed to producing and supplying renewable energy to our customers across the country and we couldn’t be more excited to continue and expand on this work with NOVA.”

In July 2022, NOVA announced the close of its $565 million Infrastructure Fund I, which attracted commitments from a diverse group of leading North American and global institutional investors including public and private pension funds, insurance companies, family offices and asset managers. NOVA’s investment in Nopetro marks its seventh platform investment as part of Fund I and is a continuation of its strategy of targeting middle-market providers across the infrastructure landscape.