Munich Re backs restoration project for California wetlands

California-based energy company Synergy has secured financing from Munich Re to restore coastal wetlands on a 140-acre site in Long Beach.

Synergy, a private oil and gas company, aims to use the funds from Munich Re's financing in its efforts to plug and abandon (P&A) legacy wells while creating a permanent wetlands conservation site, and enable further development of a wetlands mitigation bank.

John McKeown, CEO and principal of Synergy, said: “Synergy is very pleased to begin this relationship with Munich RE. This new financing provides us the funds we need and enables us to immediately begin the abandonment of the Synergy Oil Field and the restoration of 156 acres of prime coastal wetlands. It is a huge win for everyone, especially the communities of Long Beach and Seal Beach.”

Vikram Nath, managing director of energy transition finance at Munich Re, said: “We are glad to provide this financing solution to Synergy for a significant project that will benefit many stakeholders, including the City of Long Beach and communities that neighbour the Los Cerritos wetlands.”

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