Pacolet Milliken Completes First Renewable Natural Gas Investment

GREENVILLE, SC, Jan. 30, 2023 /PRNewswire/ — Pacolet Milliken, LLC (“Pacolet”), a family-owned sustainability investment firm, announced that it has completed a joint venture investment with Evensol LLC (“Evensol”). ), a leading developer of renewable biogas plants, on January 18, 2023. In partnership with Duke Energy, the joint venture of Pacolet and Evensol will own and operate two landfill renewable natural gas (“RNG”) projects in North Carolina, specifically the Projects Upper Piedmont Renewables and Foothills Renewables (“UP&F”). UP&F will process the landfill gas generated at the project sites and convert that gas into RNG, which can then be injected into regional pipelines to provide low-carbon, renewable fuel for homes, vehicles and businesses.

Based in Sisters, Oregon, Evensol was founded in 2013 with the goal of acquiring and developing renewable biogas projects. Due to Evensol’s expertise and experience, the company was an established, attractive partner for Pacolet. “This is a compelling transaction for Evensol and a clear sign of the strong value created through UP&F’s development and near-term operational success,” said David Wentworth, Chief Executive Officer of Evensol. “We are excited about the growth potential of the partnership with Pacolet and look forward to more future RNG projects.”

“This transaction represents a significant next step in growing Pacolet’s sustainable infrastructure portfolio and meets both our financial and ESG goals. While we own landfill gas for power projects, this is our first foray into the RNG business,” said William Crawford , chief executive officer of Pacolet. “We believe Evensol’s market-leading expertise in design, construction and operations will help Pacolet accelerate projects across the renewable fuels landscape.”

Evensol began development on the Upper Piedmont Renewables and Foothills Renewables projects several years ago and then broke ground in the fourth quarter of 2021. After completion, both projects are expected to produce around 500,000 Dekatherm RNGs per year. Demand for RNG continues to grow as the United States transitions to using more and more renewable fuels. This need is addressed at the federal level through the Renewable Fuels Standard program and through various state-level programs such as California’s Low Carbon Fuel Standard and Oregon’s Clean Fuels Program.

“We continue to view Evensol, UP&F and future RNG developments as a blueprint for how we address environmental challenges while increasing shareholder value. We believe this is the start of a long-term partnership with Evensol and will actively look to pursue further investments and projects in the RNG space,” said Lance Jordan, Chief Investment Officer of Power & Infrastructure at Pacolet.

Kirkland & Ellis LLP is acting as legal counsel to Pacolet Milliken.

ABOUT PACOLET MILLIKEN

Headquartered in Greenville, SC, Pacolet is a family-owned investment firm that owns and manages a variety of real estate, energy and infrastructure assets throughout the United States. Pacolet Power & Infrastructure owns a diverse portfolio of power, renewable and infrastructure assets, including a regulated power portfolio, an industrial utility and an extensive solar and landfill gas portfolio. Pacolet Real Estate has a national portfolio of office, retail, industrial and multifamily properties and is currently focused on multifamily and industrial warehouse development in Southeast, Southwest and Southern California. In both divisions, Pacolet strives to positively impact the communities in which it operates and be a steward of the environment from a generational perspective.

www.pacoletmilliken.com

ABOUT EVENSOL LLC

EVENSOL LLC was formed to create value for its partners, investors and project counterparties through the selective acquisition and development of renewable fuel based energy assets with a particular focus on the biomass and biogas sectors in the United States and abroad. Evensol’s subsidiary and strategic partner Energyneering Solutions LLC (“ESI”) has been in business since 2007 and specializes in the design, construction and operation of biogas utilization projects that collectively produce over 1 million MWh of renewable electricity and over 50 million gallons of renewable vehicle fuel per year . ESI’s engineering team has been integral to the engineering, design, construction and operation of over 75 different biogas projects including renewable natural gas plants, biogas-to-energy plants, landfill gas collection and control projects, anaerobic digester projects, heat recovery projects – and CHP projects, flare stations and numerous other biogas and renewable fuel projects in the US and abroad.

www.evensol.com and www.esisolutions.com

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SOURCE Pacolet Milliken LLC