Waga Energy, a global leader in renewable natural gas (RNG) production from landfill gas, has secured a €128 million structured bank financing agreement with a 10-year maturity.
The funding will be used to refinance a portfolio of around 20 operational WAGABOX® units, support projects currently under development in France, Spain, and Italy, and finance the development of new, yet-to-be-contracted projects across Europe.
This financing is expected to strengthen the company's expansion strategy while accelerating the deployment of renewable energy infrastructure throughout the region.
This long-term senior debt financing, established by Waga Assets 3, a wholly-owned subsidiary of Waga Energy, has been organized with a group of MLA lenders that includes Crédit Agricole CIB (global coordinator and green coordinator), Société Générale (intercreditor agent, security agent, and account bank), BNP Paribas (current hedge coordinator), and ING Bank, along with Crédit Agricole Transitions & Énergies as MLA and lenders such as Arkéa Banque Entreprises et Institutionnels, Crédit Agricole Leasing & Factoring, Crédit Agricole Sud Rhône Alpes, and LCL.
Also Read: EU Plans Biggest Climate Fight by Halting Carbon Market
The arrangement is structured as a Green Loan, with the capital allocated for projects that support climate change mitigation by capturing and recovering gases from landfill sites.
Also Read: JLR Ties Up with DCS for Europe EV Charging
Jean-Michel Thibaud, Group Chief Financial Officer and Deputy General Manager of Waga Energy, says, “This transaction marks a new milestone in the financing of Waga Energy."
Also Read: Arcoris bio Inks Europa Biosite Distribution Deal
"It is based on a dual innovation: on the one hand, a structure combining the refinancing of operating assets, the financing of projects under construction and a tranche dedicated to projects not yet contracted; on the other hand, it is our first multi-country portfolio financing, covering assets located in France, Spain and Italy. This transaction illustrates the renewed confidence of our banking partners in our business model, and strengthens our ability to accelerate the deployment of WAGABOX® in Europe," adds Jean-Michel.