September 12th, 2024– Richmond, VA – Sparkstone Capital Advisors, LLC (“Sparkstone”) is pleased announce that it has served as the exclusive financial advisor to Morrow Renewables, LLC (“Morrow”) in its sale of seven operating landfill gas to renewable natural gas (“RNG”) facilities for a total transaction value of $1.2 billion to Enbridge, Inc. (“Enbridge”). The sale of six facilities closed in January 2024.
The facilities, located in Texas and Arkansas, collectively produce around 5 billion cubic feet of RNG per year. They are strategically situated on municipal landfills in growing demographic areas, with long-term gas rights contracts ensuring a reliable and growing feedstock source. The transaction displays the continued demand for alternative energy sources and supports the commitment to sustainability, reduced emissions, and economic growth in partner communities.
Morrow (https://morrowrenewables.com) is a privately held company that was formed in 1986 by the Morrow family in McKinney, TX. It began as a leading U.S. manufacturer, supplier and midstream operator of natural gas processing plants and equipment. Since then, Morrow has established a reputation as one of the top firms in the U.S. for design, construction, start up, and operation of RNG plants.
Enbridge (NYSE:ENB) (http://enbridge.com/) is a publicly traded energy infrastructure company based out of Calgary, Alberta, Canada. The company primarily owns and operate pipelines throughout Canada and the U.S. that transport crude oil and other liquid hydrocarbons, as well as natural gas. Enbridge also has utility operations which consist of natural gas operations and renewable power generation.
Sparkstone is a financial advisory firm focused on mergers, acquisitions, and capital raising in the energy and industrial sectors. It was founded in 2018 by three partners with decades of collective energy M&A experience. The firm’s goal is to provide independent and unbiased client service, execute transactions efficiently with senior-level bankers, and develop meaningful long-term relationships. More information can be found at www.sparkstonecap.com.