Marathon Petroleum buys 49.9% stake in LF Bioenergy in $50M deal
Marathon Petroleum $Marathon(MPC)$ said it acquired a 49.9% interest in U.S. renewable natural gas producer LF Bioenergy from Cresta Fund Management for $50M.
The agreement includes the potential for up to an additional $50M based on the achievement of predetermined earn-out targets.
Current projects are under various stages of development, with the first facility nearing completion and expected to be in service in this year's H1.
Marathon (MPC) is expected to fund its share of capital spending, building out LF Bioenergy's portfolio to produce over 6,500 MMBtu/day by the end of 2026 as specific project milestones are achieved.
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