Riverstone Credit Opps. Inc PLC New Sustainability-Linked Renewable Gas Financing (5781L)
January 04 2023 - 1:00AM
UK Regulatory
TIDMRCOI
RNS Number : 5781L
Riverstone Credit Opps. Inc PLC
04 January 2023
4 January 2023
Riverstone Credit Opportunities Income Plc
New Sustainability-Linked Renewable Natural Gas Financing
Riverstone Credit Opportunities Income ("RCOI"), the LSE-listed
energy infrastructure and energy-transition credit investor, is
pleased to announce that Riverstone Credit, the Company's
investment manager has executed a new four-year $150 million
sustainability-linked first lien term loan (the "Term Loan") to
Clean Energy Fuels Corp. ("Clean Energy Fuels" or "CLNE"). At close
on 22 December 2022, RCOI committed $13.9 million. With this
investment, RCOI remains nearly fully invested, with the revolving
credit facility utilized and the portfolio almost exclusively
comprised of green loans and sustainability-linked loans.
This financing provides Clean Energy Fuels, a NASDAQ listed
public company under the ticker CLNE, with additional growth
capital to execute its renewable natural gas ("RNG") growth
strategy as demand for RNG fuel rapidly rises. CLNE's growth
strategy includes the development of negative carbon intensity RNG
projects and construction of new RNG fueling stations for the North
American transportation sector. Proceeds from the term loan will be
used, in part, to help fund CLNE'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 green fuel continues
to grow as customers like Republic Services, WM, UPS, LA Metro and
New York City MTA continue to expand their RNG fleets.
The first lien floating rate term loan has a maturity of 22
December 2026 with an all-in yield to maturity of c.12 percent for
RCOI on a fully drawn basis. CLNE 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.
Danny Flannery, Managing Director of Riverstone Credit, the
Company's Investment Manager said:
"Clean Energy Fuels 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. RCOI
is now nearly fully deployed in an attractive and diversified
portfolio of independently accredited green and
sustainability-linked loans that support the Company's target
annual dividend yield of 8%, paid through quarterly
distributions."
For Riverstone Credit Opportunities Income Plc:
Adam Weiss +1 212 271 2953
J.P. Morgan Cazenove (Corporate Broker):
Jérémie Birnbaum (Corporate
Finance) +44 0 (207) 742 4000
James Bouverat / Liam MacDonald-Raggett
(Sales)
Media Contacts:
Buchanan
Helen Tarbet Henry Tel: +44 (0) 20 7466 5109 Tel: +44
Wilson Jon Krinks Verity (0) 20 7466 5111 Tel: +44 (0) 20
Parker 7466 5199 Tel: +44 (0) 20 7466 5197
Email: rcoi@buchanan.uk.com
About Riverstone Credit Opportunities Income Plc :
RCOI lends to companies that build and operate the
infrastructure used to generate, transport, store and distribute
both renewable and conventional sources of energy, and companies
that provide services to that infrastructure. RCOI is strategically
repositioning towards companies seeking to facilitate the energy
transition by decarbonizing the energy, industrial and agricultural
sectors, building sustainable infrastructure and reducing or
sequestering carbon emissions. The Company seeks to ensure that its
investments are having a positive impact on climate change by
structuring each deal as either a green loan or a
sustainability-linked loan, documented using industry best
practices.
For further details, see https://www.riverstonecoi.com/ .
About Clean Energy
Clean Energy Fuels Corp. is America's largest provider of the
cleanest fuel for the transportation market. The Company's 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. It operates a vast network of fueling stations
across the U.S. and Canada. Visit www.cleanenergyfuels.com and
follow @ce_renewables on Twitter.
Neither the contents of RCOI's website nor the contents of any
website accessible from hyperlinks on the websites (or any other
website) is incorporated into, or forms part of, this
announcement.
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