Clean Energy gets $400 million to expand RNG infrastructure
Published on: Dec 25, 2023
The company aims to establish new RNG production facilities and expand its fueling infrastructure for the heavy-duty truck market.
Clean Energy Fuels Corp. announced that it has entered into a six-year $300 million senior secured term loan with Stonepeak, an alternative investment firm specializing in infrastructure and real assets. The credit agreement also provides for a two-year delayed draw term loan commitment of an additional $100 million.
In addition to repaying existing loans, the financing from Stonepeak will provide Clean Energy with capital for new renewable natural gas (RNG) production facilities, as well as the expansion of the company’s fueling infrastructure targeting the heavy-duty truck market.
The company currently provides RNG to hundreds of fleets every day in the form of compressed natural gas (CNG) and liquified natural gas (LNG). Both enable the companies to decarbonize their large vehicles easily and affordably.
“This financing agreement is very timely as we continue to see more RNG development opportunities come our way, and as we anticipate building additional stations to accommodate increased demand due to the arrival of Cummins 15-liter natural gas engine,” said Clay Corbus, senior vice president for strategic development and head of Renewable Fuels at Clean Energy.
Clean Energy is currently developing a portfolio of RNG production facilities at dairies across the United States. The company is also expanding its RNG fueling infrastructure, which currently includes over 600 stations across North America.
