RES and EIP launch new Joint Venture to Acquire and Develop Mitigation Banks in Georgia
HOUSTON & BALTIMORE--(BUSINESS WIRE)--Jan 5, 2021--
Resource Environmental Solutions, LLC (RES) and Ecosystem Investment Partners (EIP) announced the acquisition today of a portfolio of mitigation banks in Georgia. This acquisition is enabled by a joint venture between the two companies to develop and acquire mitigation assets serving the state.
The joint venture leverages the expertise of two industry leaders to support and enhance existing mitigation banks, and to develop and maintain new mitigation assets that provide robust ecological benefits to the environment while providing reliable offsets for responsible economic development. RES will be the operator and long-term steward of the mitigation sites.
The joint venture has purchased 11 mitigation banking assets from Mitigation Resource Group. The banks were operated by Blueway, which has been acquired by RES in a separate transaction. These banks serve the Atlanta metro area, one of the fastest growing regions in the country, and will continue to serve public and private sector mitigation customers in the state. Credits from these banks have been a critical part of the region’s infrastructure development, supporting both economic development and ecological restoration priorities. Customers seeking credits can continue to contact Blueway.
“We are excited to work with EIP to acquire and develop mitigation solutions in support of responsible economic growth and development,” says Darrell Whitley, RES President and CEO. “EIP’s proven investment approach to supporting large-scale restoration projects is critical as we work together to develop sustainable ecological restoration projects in these markets. This is an innovative model for bringing institutional investors to the growing ecological restoration market.”
“Since our founding, we have been building and maintaining mitigation projects that support the long-term health of the economy and the natural environment,” says Nick Dilks, EIP Managing Partner. “Working with RES as a fully-scaled, proven implementation provider, that now has strong local capability in Georgia, will help to ensure high-quality and timely development of restoration assets in these important markets.”
Over the past decade, RES has built a sustainable operating company focused on an integrated approach to the development and implementation of customized restoration projects. Today, the company is a national leader in environmental services, providing ecological restoration and water resource solutions to the public and private sector. The team delivers turnkey, land-based projects that build natural resilience into ecosystems, enabling them to thrive in step with economic growth.
Since 2006, EIP has focused on investing in land-based environmental offset markets by acquiring properties with degraded aquatic resources or species habitats, restoring and conserving them according to high standards and delivering those outcomes to its customers and partners nationally. The firm brings together a deep and complementary set of expertise in ecological restoration, private investment management, conservation real estate, and environmental policy. EIP delivers innovative mitigation projects and full delivery restoration solutions at scale.
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