Waga Energy signs its first green syndicated loan for €100 million
Waga Energy (EPA: Waga), the world leader in renewable natural gas (RNG) production on landfills, signed an inaugural €100 million corporate syndicated loan with a consortium of 5 banking groups.
The syndicated loan, with a 3-year maturity extendible to 5 years, will enable the acceleration of the international development of Waga Energy notably in the United States, and will strengthen the Group’s financial structure.
This loan labelled as “green” will be used to finance projects that make a substantial contribution to climate change mitigation, in compliance with the European green taxonomy, and in line with decarbonization challenges.
This transaction was largely oversubscribed by a pool of 5 institutions: Groupe BPCE (Natixis, Banque Populaire Auvergne Rhône Alpes, Caisse d’Épargne Rhône Alpes), Groupe Crédit Agricole (Crédit Agricole CIB, Crédit Agricole Sud Rhône Alpes, Crédit Agricole Centre France, Crédit Lyonnais), Arkéa Banque Entreprises & Institutionnels, BNP Paribas and Société Générale.
Natixis is acting as Documentation Agent and Loan Agent while Crédit Agricole CIB and Crédit Agricole Sud Rhône Alpes act as “green” coordinators.
Jean-Michel Thibaud the group’s Chief Financial Officer and Deputy Chief Executive Officer declared: “Raising this financing at the level of the Group parent company illustrates the confidence of our banking partners in the project steered by Waga Energy to serve energy transition. It further reinforces our balance sheet and confirms the strength of our business model based on the construction and operation of assets generating highly predictable cash flows”.
Waga Energy was assisted in this transaction by Redbridge Debt & Treasury Advisory (financial advisor) and Jones Day (law firm). The lenders were assisted by Hogal Lovells (law firm).
About WagaEnergy
Waga Energy (EPA: WAGA) produces competitively priced Renewable Natural Gas – RNG – (also known as “biomethane”) by upgrading landfill gas using a patented purification technology called WAGABOX®. The RNG produced is injected directly into the gas distribution networks that supply individuals and businesses, providing a substitute for fossil natural gas. Waga Energy finances, builds and operates its WAGABOX® units under long-term contracts with landfill operators for the supply of raw gas, and generates income by selling the RNG it produces or by offering a purification service.
Waga Energy operates 27 RNG production units in France, Spain, Canada and the USA, representing an installed capacity over 1 TWh/year (3,548,627 MMBtu). Each project initiated by Waga Energy contributes to the fight against global warming and helps the energy transition.
Waga Energy employs 230 people, 60 of them in North America. Its head office is in Eybens, France, at the heart of Grenoble’s innovation ecosystem. The company is established in the USA, in Canada, in Spain, in Italy and in the United Kingdom. The 2023 consolidated revenue was 33.3m€. It is listed on Euronext Paris (FR0012532810 – EPA: WAGA).
www.waga-energy.com
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