Opal Fuels Inc. (NASDAQ: OPAL), a White Plains-headquartered producer and distributor of renewable natural gas and renewable electricity, announced the closing of a new $500 million senior secured credit facility.
According to the company, the credit facility consolidates certain existing indebtedness and provides approximately $300 million in availability, which is anticipated to be used principally for development and construction of renewable energy projects. Apterra Infrastructure Capital LLC functioned as sole bookrunner and syndication agent for the credit facility and Bank of America N.A. is Administrative Agent.
“The closing of this credit facility provides Opal Fuels significant liquidity and financial flexibility to fund our strategic growth initiatives,” said Jonathan Maurer, co-CEO. “This facility further supports growth through the funding of the next phase of our Advanced Development Pipeline. It also streamlines the balance sheet and strengthens our standing as a leading, vertically integrated presence in the industry.”
