Synergy, a privately-owned oil and gas company headquartered in Long Beach, is thrilled to announce its partnership with Munich Re, a global reinsurance firm, to restore crucial coastal wetlands spanning 140 acres in Long Beach, California.
“We are delighted to offer Synergy this financial support for such a significant endeavor that will benefit numerous stakeholders, including the City of Long Beach and the surrounding communities adjacent to the Los Cerritos wetlands,” remarked Vikram Nath, Managing Director of Energy Transition Finance at Munich Re.
Synergy’s CEO and Principal, John McKeown, expressed enthusiasm for the collaboration, stating, “Synergy is thrilled to embark on this partnership with Munich RE. This new funding empowers us to commence the closure of the Synergy Oil Field and the restoration of 156 acres of vital coastal wetlands. It’s a monumental win for everyone, particularly the communities of Long Beach and Seal Beach.”
The funds provided by Munich Re will be instrumental in Synergy’s initiatives to plug and abandon legacy wells while establishing a permanent wetlands conservation site. This collaboration not only signifies a significant milestone for Synergy, demonstrating its commitment to environmental stewardship and sustainable growth but also marks the first substantial debt placement to support the expansion of a wetlands mitigation bank.
As the project advances, further details regarding fund utilization and anticipated outcomes will be disclosed. Synergy remains dedicated to transparency and sustainable practices.
Opportune Partners LLC served as the exclusive financial advisor and placement agent for Synergy.
Synergy, headquartered in Long Beach, California, is dedicated to advancing sustainable practices and environmental stewardship in the energy sector. With a focus on innovation and responsible energy development, Synergy aims to make a positive impact on both the industry and the communities it serves.
Munich Re, a renowned provider of reinsurance, primary insurance, and risk-related solutions globally, boasts a long-standing reputation for its expertise in risk management and financial stability. Since its establishment in 1880, Munich Re has been recognized for its unparalleled ability to protect against extraordinary levels of damage, from natural disasters to emerging risks like cyber threats and renewable energies.
Opportune is a leading global business advisory firm with expertise across various industries, particularly in energy. With a comprehensive range of services including business transformation, financial reporting, investment banking, and transaction advisory, Opportune is committed to adding value to its clients worldwide. Opportune Partners LLC, an independent investment banking and financial advisory arm of Opportune LLP, provided assistance in this partnership.
