UGI Corp. (UGI) Announces Investment in a New Renewable Natural Gas Project in Upstate New York

UGI Corporation (NYSE: UGI) announced today that Cayuga RNG has entered into an agreement to develop its fourth project to produce renewable natural gas (“RNG”) in upstate New York. Cayuga RNG is a joint venture of UGI Energy Services, LLC (“UGIES”), a subsidiary of UGI, and Global Common Ventures, LLC (“GCV”).

Cayuga RNG’s fourth project will be constructed at Bergen Farms and Glenview Dairy, both located in Schuyler County in upstate New York. The project will include the construction of a manure digester and gas upgrading equipment at each location. Once completed in the second half of calendar year 2024, the project is expected to produce approximately 150 million cubic feet of RNG annually that will be delivered to a local natural gas pipeline serving the regional distribution system. UGIES’ subsidiary, GHI Energy, will be the exclusive marketer for Cayuga RNG.

“We are excited to increase our portfolio of sustainable energy solutions that will deliver environmental benefits to farmers, communities and customers,” said Robert F. Beard, Executive Vice President - Natural Gas, UGI. “Renewables is a platform for growth at UGI and, with this investment, we have committed nearly $250 million to RNG projects across multiple states that will further expand our geographic footprint and earnings capability.”

“Bergen Farms and Glenview Dairy are excited to be involved with UGI in a renewable energy project on our farm,” said Jim Bergen of Bergen Farms and Glenview Dairy. “We expect this to benefit the farm, the local community and the environment. This project will help to reduce odors from the manure generated onsite. The anaerobic digesters that are planned will reduce the amount of methane that is emitted into the atmosphere from storing the manure as well as using the methane to replace fossil fuels.”

You May Also Be Interested In

• Wells Fargo (WFC): Commercial Banking Revenue Jumps 42% to Drive a Strong Q3 Beat
• Citigroup Posts Q3 Revenue Beat as Economic Fears Spark Rise in Provisions
• Kimco Realty (KIM) monetized 11.5 million of its 39.8 million shares in Albertsons for net proceeds of $301.1M