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Shell (NYSE:SHEL) said Monday it agreed to acquire Danish biogas producer Nature Energy Biogas from hedge fund Davidson Kempner Capital Management for nearly $2B.
Shell (SHEL) said it is acquiring Europe's largest producer of renewable natural gas, which will enhance its ability to work with its established customer base across multiple sectors to accelerate its transition to net-zero emissions.
Nature Energy has 14 operating plants that produce ~6.5M Btu/year of gas, as well as a pipeline of ~30 new plant projects in Europe and North America that could more than double production by the end of the decade.
"We will use this acquisition to build an integrated RNG value chain at global scale, at a time when energy transition policies and customer preferences are signaling strong growth in demand in the years ahead," Shell (SHEL) said.
The deal, which Shell (SHEL) expects to close in next year's Q1, follows a similar move by BP when it bought Archaea Energy for ~$4.1B including debt last month.