Newport Beach-based alternative fuel developer and supplier Clean Energy Fuels Corp. has sold its majority stake in a biomethane production facility in Dallas to a minority owner for $40.6 million.
Terms of the sale of the McCommas Bluff landfill gas processing plant include the potential for another $3 million based on future performance tests of the facility, which are expected to be completed early this year, according to Clean Energy.
The buyer, Cambrian Energy Development LLC in Los Angeles, has been a partner with Clean Energy since 2008, when the two companies acquired the McCommas Bluff facility, the third-largest landfill gas operation in the U.S.
The sale came as Clean Energy began production at a new biomethane facility it owns in Tennessee.
Clean Energy stock is down about 5.2% Monday morning to market capitalization of $452.2 million.