Vision RNG LLC, a green energy supplier in Washington County, Pa., said Tuesday the company successfully sold $11.6 million in Investment Tax Credits (ITCs) under the Inflation Reduction Act that will provide it with capital to develop landfill gas to renewable natural gas (LFG-to-RNG) projects.
“Closing this sale of [ITCs] is a crucial step for Vision RNG, enabling us to unlock new funding for our extensive pipeline of projects,” said Vision RNG Chief Executive Officer Bill Johnson. “This capital will directly support our efforts to convert landfill gas into renewable natural gas, a process that not only enhances waste management, but also contributes significantly to climate change mitigation while bringing green jobs to the communities we work in.”
The ITCs were generated in connection with Vision RNG’s Eagle Ridge project at the Meridian Waste Eagle Ridge Landfill in Bowling Green, Mo., and the company said their sale marks a significant milestone as Vision RNG continues to expand its portfolio of LFG-to-RNG projects, which are designed to reduce greenhouse gas emissions, promote renewable fuel alternatives, and mitigate reliance on fossil fuels.
RNG produced by the Eagle Ridge project will replace the equivalent of roughly 17,000 tons of carbon dioxide or 40,000 barrels of oil consumed each year, according to Vision RNG, which called the project a prime example of how innovative approaches to waste management can yield substantial environmental benefits.
“Our team is dedicated to leveraging the benefits of the Inflation Reduction Act to maximize our impact,” Kevin Johnson, chief financial officer at Vision RNG, said. “With this funding, we are well-positioned to meet the growing demand for renewable fuels and contribute to a cleaner, more sustainable future.”