Waga Energy’s subsidiary in the United States has signed a USD $60 million financing agreement with asset manager Eiffel Investment Group to fund the construction of four Renewable Natural Gas production units in the United States.
This is the first financing obtained by Waga Energy in the United States, where the Group has made a major breakthrough in recent months. Seven high-capacity RNG production units are currently under construction.
Waga Energy Inc. has obtained a USD $60 million financing with Eiffel Investment Group. The purpose of this transaction is to finance the first four WAGABOX® units in the United States, including the Steuben County WAGABOX® unit in Bath, New York. Once in operation, these four units will produce a total of up to 1,980,000 MMBtu (495 GWh) of RNG per year, avoiding the emission of more than 120,000 tons of eqCO2 per year into the atmosphere*.
This is the second time Waga Energy and Eiffel Investment Group have partnered up. In 2020, the Eiffel Gaz Vert (Eiffel Green Gas) fund granted Waga Energy bond financing of €20 million to fund the construction of four WAGABOX® units in France. This financing was fully repaid in 2022.
* According to the Environmental Protection Agency (EPA) calculation methodology.
«Eiffel’s support will enable us to accelerate the rollout of the WAGABOX® solution in the United States. We are pleased to further our partnership kick-started in 2020, at the service of the energy transition and the fight against global warming. We also want to sincerely thank the Eiffel teams for their renewed trust, responsiveness and professionalism.»
Guénaël Prince, CEO, Waga Energy USA.
«On the back of financing that has tripled from 2020, we are thrilled to help accelerate the growth of Waga Energy and its North America team. Since 2019, Eiffel has implemented an RNG-focused strategy in agriculture, industry and waste recovery, particularly through the Eiffel Gaz Vert fund. By financing these four fully secured projects, Eiffel is proud to expand its operations in the United States and contribute towards reducing global methane emissions – a target reiterated at the COP28 summit.»
Pierre-Antoine Machelon, Managing Director, Eiffel Investment Group.