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Montana Renewables Taps $782M of $1.44B DOE Loan for SAF Expansion
KKR Buys Into EGC to Lead $1T Real Estate Decarbonization Push
Ara Partners Buys into NWP, Aims for Ireland’s First Waste-to-Energy Play
SK Chemicals Launches Korea’s First Depolymerization Recycling Hub
Venture Global’s $10B Calcasieu Pass LNG Goes Live April 2025
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40K net acres + 407 drilling locations snapped up from EnCap-backed Double Eagle IV.
$3B cash + 6.9M shares—financed via debt, cash reserves, and senior notes.
27,000 Bo/day production, 69% oil, adding to Diamondback’s Midland Basin dominance.
5.2x 2025 EBITDA valuation, expected 5%+ FCF per share boost in 2026.
$1.5B in asset sales planned to offset the cost and keep leverage in check.
Targeting net debt of $10B, with leverage held between $6B-$8B.
$83M in fresh Series C + project funding, adding to $645M previously raised.
New investors: Amazon, Mitsui & Co., Dev. Bank of Japan; DCVC ups its stake.
Funding fuels AirPlant One, scaling Twelve’s CO₂-to-materials tech.
Uses Opus System to convert CO₂, water & renewables into sustainable hydrocarbons.
Expanding partnerships in aviation, auto, and industrial sectors.
DOE loan supports Sustainable Aviation Fuel (SAF) production ramp-up to 300M gal/year.
Combined renewable diesel + SAF output to reach 330M gal/yr by 2028.
First phase to bring half the SAF capacity online by 2026.
450 construction jobs, 40 permanent roles tied to the project.
Loan terms: 15-year maturity, U.S. Treasury rate + 3/8%.
250 MW Zeeland electrolyzer to churn out 30K tons of green H₂ annually.
€600M investment, slashing 300K tons CO₂/year at Total’s Zeeland refinery.
TotalEnergies also tolling 130 MW from Air Liquide’s 200 MW ELYgator project.
Antwerp refinery to cut 150K tons CO₂/yr, bringing TotalEnergies’ green H₂ pipeline to 170K tons annually.
Goal: 3M tons of CO₂ reductions across EU refineries by 2030.
KKR takes a significant stake in Düsseldorf-based EGC, an energy services firm managing 2M sqm of real estate.
Includes ITG, EGC’s engineering subsidiary, bolstering KKR’s infrastructure investments.
800 heating units, 100+ clients, all primed for a low-carbon revamp.
Ex-GETEC CEO Michael Lowak steps in as Chairman to drive expansion.
KKR rolling out an employee ownership model, following similar playbooks with past acquisitions.
Ara Partners takes a majority stake in Natural World Products (NWP), Ireland’s top organic waste recycler.
Processes 330K tonnes of organic waste annually, handling 50% of NI’s municipal waste recycling.
Plans to expand into waste-to-energy, using organic waste for low-carbon fuel generation.
€600M+ investment pipeline to divert 2M+ tonnes of waste from landfills over the next decade.
Backed by Ara Infrastructure’s capital, aiming for full circular economy integration.
Ulsan-based Recycle Innovation Center (RIC) to focus on depolymerization recycling.
50-ton pilot facility (2026) will recycle low-quality plastics, textiles, and industrial waste.
Targets r-BHET production, a key input for polyester & PET circular recycling.
First of its kind in Korea, mimicking petroleum-based plastics in quality.
Aims for full-scale Closed Loop recycling solutions for industrial waste streams.
April 15, 2025: Calcasieu Pass LNG facility begins commercial ops.
Built in 68 months, despite 2 hurricanes, COVID, and supply chain delays.
10 MTPA nameplate capacity, supplying long-term 20-year contracts.
Venture Global developing 100+ MTPA LNG capacity, integrating carbon capture at all sites.
Next in line? Plaquemines LNG (under construction) and Delta LNG (in development).
122.5 MW stake in the 250 MW North Dakota wind farm, pending regulatory approval.
MDU’s 2024 Integrated Resource Plan flagged the need for more capacity—this was the cheapest solution.
Already had a 150 MW PPA; post-deal, that drops to 27.5 MW as MDU moves to ownership.
Wind share jumps from 29% → 39%, coal dips from 31% → 26% in MDU’s energy mix.
Five-year capex plan covers the cost, aiming for lower customer costs + grid stability.
Acquiring Elwood Energy’s 1,350 MW gas-fired plant near Joliet, IL.
Boosts Milepost Power’s U.S. gas fleet to 3,500 MW across multiple states.
Part of Hull Street’s strategy to optimize assets for grid reliability & decarbonization.
J-Power USA exits ownership, continuing its North American energy investment focus.
Constellation Seals $26.6B Calpine Deal, Lifts 2024 Earnings
$26.6B acquisition of Calpine cements Constellation as the largest independent U.S. power producer, adding 26 GW of natural gas assets.
Everstar Snags $4M to Cut Nuclear Red Tape with AI
$4M pre-seed funding led by Third Prime VC to scale Gordian, an AI-driven compliance tool for nuclear operators.
Mast Reforestation Locks $25M to Bury Carbon, Not Just Trees
$25M Series B led by Pulse Fund, Social Capital, & Seven Seven Six.
Launching Mast Wood Preserve MT1 in Montana—900 acres of wildfire-hit land.
Check out the latest Sunya Stories podcast with Bala Nagarajan from S2G Investments
Bala Nagarajan is Managing Director of the Energy Investment team at S2G Investments.
You can find it on Spotify or Apple Podcasts.
DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
