Opal Fuels, a vertically integrated producer and distributor of renewable natural gas (RNG), announced the closing of a five-year, US$105 million senior secured debt facility. The facility provides construction financing for designated Opal Fuels projects upon achieving certain milestones. The lending syndicate is comprised of Investec, Bank of Montreal, and Comerica Bank. “The closing of our senior secured debt facility today, combined with the US$215.8 million generated from the recent completion of our business combination with ArcLight Clean Transition Corp. II, will facilitate execution of our growth plan,” said Adam Comora, co-CEO of Opal Fuels. “We believe these transactions are a testament to the strength of our vertically integrated RNG platform and continued awareness of the pivotal role that RNG plays in decarbonizing the heavy-duty transportation industry now.”
The business combination Comora is referring to with ArcLight was a major step in the company’s development, as it gave the company added capital to develop its backlog of projects. As of May 1, 2022, Opal Fuels owns and operates 24 biogas projects, five of which are RNG projects and 19 of which are renewable power projects. Additionally, Opal Fuels currently has seven RNG projects under construction.
Opal Fuels is a renewable energy company specializing in the capture and conversion of biogas for the production of RNG for use as a vehicle fuel for heavy- and medium-duty trucking fleets, and the generation of renewable power for sale to utilities. Opal Fuels also designs, develops, constructs, operates, and services fueling stations for trucking fleets across the country that use natural gas to displace diesel as their transportation fuel. The biogas conversion projects currently use landfill gas and dairy manure as the source of the biogas. In addition, Opal Fuels has recently begun implementing design, development, and construction services for hydrogen fueling stations.
