Over the past three years, Waga Energy has arranged nearly €500 million in financing across Europe, the United States, and Canada to develop biomethane production projects at landfill sites. Financing is a key lever for ensuring the economic viability of these projects, which contribute to the energy transition and the fight against climate change. Charlotte Riché, Group Financing Director at Waga Energy, explains.
Why is financing a strategic challenge for Waga Energy?
Financing is strategic because investment is at the very core of our business model. We finance the construction of our biomethane production units, known as WAGABOX®, ourselves. Once operational, these units generate recurring revenue through long-term contracts (typically 10 to 20 years), either from the sale of biomethane or through a gas upgrading service provided to the landfill operator supplying the unit with biogas.
This model requires significant capital investment. Building a WAGABOX® unit represents an investment ranging from €3 million to €30 million, depending on its capacity and the country where it is installed. To secure this level of funding, we work with commercial banks and infrastructure debt funds. The competitiveness of financing costs directly impacts the cost of our biomethane production.
As a result, we have professionalized this activity internally. We have built a team of six financing specialists based in France and the United States whose role is to identify the right financial partners and negotiate the best terms to optimize the economics of each project. This is essential to providing competitively priced biomethane and supporting the transition away from fossil natural gas.
“Waga Energy is an ideal partner to contribute effectively, and profitably, to the energy transition.”
Charlotte Riché
Group Financing Director at Waga Energy
Waga Energy secured a €128 million Green Structured Financing facility in July 2026. How does this financing represent a new milestone in the Group’s financing strategy?
This financing includes two major innovations.
First, it covers the entire lifecycle of our projects. It allows us to refinance around twenty units already in operation, finance units currently under construction, and even fund projects that have not yet been signed.
Second, it is the first financing facility we have obtained that can be deployed across assets located in multiple countries, namely France, Spain, and Italy. This flexibility significantly simplifies the financing structure of our projects and helps accelerate the deployment of the WAGABOX® solution across Europe.
In addition, this is a Green Loan aligned with the Green Loan Principles, an internationally recognized banking market standard. This means the funds can only be used for projects that contribute to climate change mitigation, specifically the capture and recovery of landfill gas.
Finally, this transaction demonstrates the continued confidence of our banking partners in our business model.
Unlocking Biomethane Value Without Upfront Investment
From project development to operation, Waga Energy provides the financing needed to turn landfill gas into renewable natural gas, reducing risks and simplifying the path to biomethane production.
Financing is at the heart of Waga Energy’s business model.
Our financial partners value our business model because it generates strong, recurring, and predictable cash flows. We operate our production units under contracts that can extend for up to 20 years.
We have also demonstrated our operational expertise, with 59 projects launched over the past decade across six countries, including 38 projects already in operation. Combined with our proprietary technology, which provides a significant competitive advantage in the rapidly growing biomethane market, these factors strengthen investor confidence.
All of this reassures banks and investment funds, which see Waga Energy as an ideal partner to contribute effectively, and profitably, to the energy transition.
Contact our expert
Charlotte Riché
Group Financing Director at Waga Energy
