VARO Energy has announced the acquisition of Renewable Energy Services, a leading biogas trading company in Europe. The acquisition will expand VARO’s trading capacity of biogas and green certificates across ten European countries, adding a trading capacity of 1 TWh of biogas and green certificates per year. This is equivalent to the greenhouse gas emissions of 100,000 European homes. The acquisition will strengthen VARO’s position in Europe by integrating its feedstock aggregation, manufacturing, and trading and customer offers.
According to the International Energy Agency, biogas is a key renewable energy source that can help reduce GHG emissions and improve energy security. European demand for biogas is expected to triple by 2030, and bio-LNG, which is expected to grow by 10X in Germany by the end of the decade. Biogas is a strategic growth pillar for VARO, and its integrated value chain will provide sustainable energy solutions to complement customers’ energy needs.
Since 2013, Renewable Energy Services has been one of Europe’s fastest-growing biogas suppliers and traders, having achieved growth in excess of 800 percent year on year. In 2022, RES sourced 250,000 MWh of biogas across ten European countries, resulting in a reduction of 60,000 tonnes of GHG emissions, equivalent to 100,000 European households. RES is on track to deliver an even more substantial amount, aiming for 1 TWh of biogas in 2023.
RES sources biogas from a large portfolio of producers in national and international markets, orchestrating the logistics, and supporting customers with their deep knowledge of both compliance and green certificates. This guarantees that the biogas was produced from renewable energy sources. The acquisition aligns with VARO’s dedication to delivering high-quality, sustainable energy solutions to meet customer demand, including for many of Europe’s largest companies.
The transaction is expected to be completed in Q3 2023, subject to approval by relevant authorities. The acquisition reinforces VARO’s commitment to expanding the production and consumption of biogas across Europe and creating a sustainable future.
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