07:51 AM EDT, 09/08/2025 (MT Newswires) -- Anaergia ( ANRGF ) , a renewable natural gas technology company, said its unit signed an agreement to advance a major infrastructure project in Riverside, California.

The company said its development-stage asset, the Riverside Bioenergy Facility (RivBF), will be sold to a developer backed by institutional investors. RivBF currently has a lease with the City of Riverside that provides for, upon approval, construction of organic waste-to-RNG infrastructure at the Riverside Water Quality Control Plant.

"The agreement includes Anaergia's ( ANRGF ) sale of its Riverside development project reflecting its capital-light strategy, advancing the project while reducing financial exposure," the company said.

Anaergia Technologies, an affiliate, is contracted to perform engineering, procurement and construction (EPC) services for the plant improvements after closing, with financing from the developer. Most EPC activities are expected in 2026 and 2027, and the company expects to recognize about $39 million in revenue from the work.

The parties also agreed on operations and maintenance (O&M) services. Anaergia Services, another affiliate, will provide O&M services to RivBF under a long-term agreement once EPC work is complete.

Shares of the company closed down $0.30 to $2.81 Friday on the Toronto Stock Exchange.