Clean Energy Fuels Secures $150 Million Loan
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Clean Energy Fuels Corp. announced that it entered into a four-year $150 million sustainability-linked senior secured term loan with Riverstone Credit Partners.
This financing provides Clean Energy with additional capital to execute its renewable natural gas growth strategy as demand for RNG fuel rapidly rises, the Newport Beach, Calif.-based company noted. Clean Energy’s growth strategy includes the development of negative carbon intensity RNG projects and construction of new RNG fueling stations for transportation sector customers.
Proceeds from the term loan will be used, in part, to help fund the company’s rapid expansion of RNG projects at dairies, which capture fugitive methane and turn it into a fuel made entirely from organic waste and reduces carbon emissions by an average of 300% versus diesel, it reported, and added demand for the fuel continues to grow as customers such as Republic Services, WM, UPS, LA Metro and New York City MTA continue to expand their RNG fleets.
“Our joint ventures with bp and TotalEnergies are having great success. We are currently constructing multiple RNG projects at dairies around the country with a healthy pipeline of other projects. This additional financing will allow us to stay on this rapid pace of development,” Andrew Littlefair, CEO of Clean Energy, said in a release.
Founded in 2000, Riverstone noted it is an investment firm focused on executing private equity and credit investments in energy, power, decarbonization and infrastructure. To date, the firm has raised about $43 billion of capital, which it has deployed across its platform to over 200 portfolio companies since inception. — Transport Topics
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