Dominion Energy Invests US$500 Million in Renewable Energy

Dominion Energy (NYSE:D), natural gas company, in partnership with Smithfield Foods announced that it will be investing US$500 million in renewable natural gas projects. Through this joint partnership, both companies will be developing renewable natural gas projects across Arizona, California and Utah, to name a few. The projects are slated for development through to 2028.

As quoted in the press release:

Dominion Energy and Smithfield Foods formed Align RNG in November 2018, committing $250 million over 10 years to capture methane from Smithfield’s company-owned and contract hog farms and convert it into clean RNG. With the additional $250 million investment announced today, the companies will produce enough RNG to power more than 70,000 homes and businesses by 2029. Align RNG’s first project in Milford, Utah, will be operational this year and will produce enough RNG to power more than 3,000 local homes and businesses at full capacity.

“After researching ways to transform manure into renewable energy for nearly two decades, Smithfield, together with our partners, has developed a proven business model that can be expanded at scale across the country. These efforts culminated in 2016 when Smithfield led the industry as the first major protein company to adopt a far-reaching GHG reduction goal throughout its entire supply chain. We followed this announcement in 2017 with the launch of Smithfield Renewables, a platform that unified our industry-leading carbon reduction and renewable energy initiatives,” said Kenneth M. Sullivan, President and Chief Executive Officer of Smithfield Foods.

Click here to read the full press release.