BlackRock Inc. is buying Wellesley, Mass.-based organics-to-renewable energy company Vanguard Renewables LLC for $700 million, and it plans to spend up to $1 billion more to finance its expansion, The Wall Street Journal reported Wednesday. The WSJ cited a person familiar with the company for the dollar values of the deal. Company officials told the WSJ about the overall transaction. Vanguard Renewables works with food producers such as Unilever Plc and dairy farmers to convert food waste and manure into renewable natural gas (RNG) for Dominion Energy Inc. , Enbridge Inc. and others. FactSet lists Vision Ridge Partners LLC as an investor in Vanguard Renewables, which has no connection to asset management company Vanguard Group. Shares of BlackRock are down 31.4% in 2022, compared to a loss of 17.4% by the S&P 500 .
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