Waga Energy secures $180m debt financing for biogas expansion in USA
As of today, Waga Energy has signed 13 gas rights with landfill operators in the USA, totaling a 5 million MMBtu p.a. capacity.
Renewable gas technology manufacturer Waga Energy Inc has announced to have signed a US$180M 4-year senior debt facility to boost its landfill gas (LFG) to renewable natural gas (RNG) platform in the United States, with Crédit Agricole Corporate and Investment Bank (Crédit Agricole CIB) and HSBC Asset Management as lenders and lender agents.
This financing, illustrating Waga Energy’s financial partners confidence in its state-of-the-art technology, will strengthen the group’s ability to successfully develop its strong US pipeline of projects, enabling it to boost its expansion of LFG to RNG assets on a large scale.
As of today, Waga Energy has signed 13 gas rights with landfill operators in the USA, totalling a 5 million MMBtu p.a. capacity which will help generate renewable gas at an affordable price, with a major impact in terms of avoided methane emissions.
Guénaël Prince, Co-founder of Waga Energy and CEO of Waga Energy, stated, “We believe that Waga Energy’s technology is uniquely positioned to tackle methane emissions from landfills and create long-term value for our partners in the United States. We are grateful to Crédit Agricole CIB and HSBC Asset Management for supporting Waga Energy’s acceleration and demonstrating our ability to build a remarkable project portfolio.”
Jean-Michel Thibaud, Group CFO and Deputy General Manager of Waga Energy, said, “We are extremely pleased by this landmark debt transaction with Crédit Agricole CIB and HSBC Asset Management as strategic financing partners, which we warmly thank for this major step in the group’s development.”
Waga Energy produces competitively priced biomethane or biogas by upgrading landfill gas employing its patented purification technology called WAGABOX. The biogas produced is injected directly into the gas grids that supply individuals and businesses, providing a substitute for natural fossil gas.
Waga Energy currently operates 32 biogas production units in France, Spain, Canada and the USA, representing an installed capacity of more than 5.2 million MMBtu (1.5 TWh) per year. The company also has 18 RNG production units under construction worldwide today.
