Clean Energy Announces Sustainability-Linked Financing with Riverstone Credit Partners to Fund RNG Growth
December 28 2022 - 6:00AM
Business Wire
Clean Energy Fuels Corp. (Nasdaq: CLNE), the largest provider of
the cleanest fuel for the transportation market, today announced
that it entered into a four-year $150 million sustainability-linked
senior secured term loan with Riverstone Credit Partners L.P.
(“Riverstone Credit Partners”), a dedicated credit investment
platform focused on energy, power, decarbonization, and
infrastructure managed by Riverstone Holdings LLC
(“Riverstone”).
This financing provides Clean Energy with additional capital to
execute its renewable natural gas (RNG) growth strategy as demand
for RNG fuel rapidly rises. 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. Demand for the fuel continues to
grow as customers like Republic Services, WM, UPS, LA Metro and New
York City MTA continue to expand their RNG fleets.
“As we articulated at the beginning of the year, we have big
plans to increase our supply of RNG from dairies because when it
ends up in the tank of a heavy-duty truck or a transit bus, it is
rated cleaner than any other alternative in the marketplace,” said
Andrew J. Littlefair, president and CEO of Clean Energy. “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.”
“Clean Energy pioneered RNG as a vehicle fuel and continues to
be the largest provider of RNG for the transportation industry
throughout North America. We are thrilled to partner with them on
their quest to deliver fully zero-carbon RNG by 2025,” said Daniel
Flannery, Managing Director at Riverstone.
Clean Energy obtained a second party opinion from Sustainable
Fitch that considered the transaction to be aligned with the five
pillars of the Loan Syndications and Trading Association's
Sustainability-Linked Loan Principles.
For more information about this transaction, see the 8-K filing
that will be accessible on the company’s website.
About Clean Energy
Clean Energy Fuels Corp. is the country’s largest provider of
the cleanest fuel for the transportation market. Our mission is to
decarbonize transportation through the development and delivery of
renewable natural gas (RNG), a sustainable fuel derived from
organic waste. Clean Energy allows thousands of vehicles, from
airport shuttles to city buses to waste and heavy-duty trucks, to
reduce their amount of climate-harming greenhouse gas. We operate a
vast network of fueling stations across the U.S. and Canada. Visit
www.cleanenergyfuels.com and follow @ce_renewables on Twitter.
About Riverstone
Founded in 2000, Riverstone is an investment firm focused on
executing private equity and credit investments in energy, power,
decarbonization and infrastructure. To date, the firm has raised
approximately $43 billion of capital, which it has deployed across
its platform to over 200 portfolio companies since inception. For
more information about Riverstone, please visit
www.riverstonellc.com.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, including statements about, among other things, the
continued growth in the demand for RNG; our ability to execute on
our overall RNG growth strategy; our ability to realize and fund
our rapid expansion of multiple RNG projects at dairies around the
country; the continued expansion of RNG fleets at customers such as
Republic Services, WM, UPS, LA Metro and New York City MTA; and our
quest to deliver fully zero-carbon RNG by 2025. Actual results and
the timing of events could differ materially from those anticipated
in these forward-looking statements. The forward-looking statements
made herein speak only as of the date of this press release and,
unless otherwise required by law, Clean Energy undertakes no
obligation to publicly update such forward-looking statements to
reflect subsequent events or circumstances. Additionally, the
reports and other documents Clean Energy files with the Securities
and Exchange Commission (available at www.sec.gov), including its
Quarterly Report on Form 10-Q for the quarter ended September 30,
2022 that the Company filed with the Securities and Exchange
Commission on November 8, 2022, contain additional information and
risk factors that may cause actual results to differ materially
from the forward-looking statements contained in this press
release.
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version on businesswire.com: https://www.businesswire.com/news/home/20221228005055/en/
Raleigh Gerber 949-437-1397
raleigh.gerber@cleanenergyfuels.com
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