Clean Energy Fuels secures 4-year, $150M loan to expand RNG

In California, Clean Energy Fuels Corp. announced it entered into a four-year $150 million sustainability-linked senior secured term loan with Riverstone Credit Partners L.P., a dedicated credit investment platform focused on energy, power, decarbonization, and infrastructure managed by Riverstone Holdings LLC.

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. 

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.