EQT Infrastructure II has finalized its acquisition of Synagro Technologies, a renewable energy company, for a reported $480 million. The deal, which includes an approximate $200 million reduction in outstanding debt, was approved by a bankruptcy court through a Chapter 11 process. Synagro provides solutions for civic and commercial organizations to transform industrial and municipal waste into renewable energy. More than 600 municipal and wastewater facilities in the U.S. are clients. It had been a portfolio company of The Carlyle Group, which took the company private in January 2007.