This project will transform landfill gas into a renewable, local energy source that can be directly injected into the gas grid.

Under a long-term agreement, Waga Energy will finance, build, own, and operate a biomethane production unit with an initial processing capacity of 4 800 m3/h.

The WAGABOX® unit will produce approximately 180 GWh of biomethane per year and avoid the emission of around 47,500 tons of CO₂ equivalent per year by replacing fossil natural gas — the equivalent of CO₂ emissions from consuming approximately 4.2 million gallons of diesel.

The Eco-Hill Landfill, owned and operated by one of LRS’s affiliated companies, currently accepts more than 1 million metric tons of municipal solid waste per year, most of it collected in the greater Chicago area.

With this new project, Waga Energy continues its expansion in the United States and reaffirms its commitment to supporting local communities by transforming landfill gas into a valuable energy resource that benefits both territories and the climate.

At the heart of the facility is Waga Energy’s patented WAGABOX® technology, which upgrades landfill gas into Renewable Natural Gas that meets pipeline specifications.

Designed to process up to 2,000 standard cubic feet of landfill gas per minute, the facility is expected to produce as much as 407,000 MMBtu (120 GWh) of RNG annually. Output will increase progressively as additional landfill gas becomes available from the site over time.

The renewable gas generated at McKean is delivered directly into the National Fuel Gas network, helping supply homes and businesses with a locally produced source of renewable energy.

Landfills continuously generate methane-rich gas as organic materials decompose. Rather than allowing this resource to go unused, RNG projects capture and upgrade the gas so it can be injected into existing natural gas infrastructure and used in a variety of applications.

According to EPA methodology, the McKean project is expected to prevent approximately 31,000 metric tons of CO₂-equivalent emissions each year, while supporting the transition toward lower-carbon energy systems.

McKean is the third RNG facility developed through the collaboration between Casella Waste Systems and Waga Energy. Its commissioning follows the successful startup of the Chemung County and Hyland facilities earlier in 2026.

Together, the three projects fulfill the development program announced by the two companies in 2023 and illustrate a shared commitment to expanding renewable gas production from landfill sites.

Under the partnership model, Waga Energy financed, built, and now operates the facilities, while both companies benefit from the revenue generated through RNG sales. The approach aligns the interests of both partners over the long term and supports the continued development of renewable energy infrastructure.

“It is so gratifying for our team to see our fourth RNG project come online at the Hyland landfill,” said Ned Coletta, President and CEO of Casella Waste Systems, Inc. “Several years ago, we made the strategic decision to work with RNG experts to develop the capacity at our landfills, and we have not been disappointed about our decision to partner with Waga Energy. Their entire team has collaborated effectively with our team to bring these projects online within a tight timeline, and their innovative technology is performing well at each landfill.”

Ned Coletta, President and CEO of Casella Waste Systems, Inc.

“The commissioning of a large-capacity WAGABOX® unit at the Hyland facility demonstrates the scalability of our technology and its ability to produce RNG from landfill sites of various sizes. It is also the second project developed with Casella to enter operation this year, reflecting the strength of our partnership and our shared commitment to turning landfill gas into a reliable source of renewable energy.”

Guénaël Prince, Chief Executive Officer of Waga Energy Inc.

This transaction will support the Group’s growth across Europe on several fronts: refinancing a portfolio of around twenty WAGABOX® units already in operation, financing projects currently under construction in France, Spain, and Italy, and supporting the development of new projects that have not yet been contracted.

Beyond its size, this financing demonstrates the confidence that several leading financial institutions place in Waga Energy’s business model, its technology, and its ability to deliver long-term value through the deployment of sustainable infrastructure projects.

Structured as a green financing facility, this transaction supports Waga Energy’s mission to reduce methane emissions from landfill sites through biomethane production, while strengthening its capacity to accelerate the deployment of new projects that contribute to Europe’s energy transition.

“This transaction marks a new milestone in the financing of Waga Energy. It is based on a dual innovation: on the one hand, a structure combining the refinancing of operating assets, the financing of projects under construction and a tranche dedicated to projects not yet contracted; on the other hand, it is our first multi-country portfolio financing, covering assets located in France, Spain and Italy. This transaction illustrates the renewed confidence of our banking partners in our business model, and strengthens our ability to accelerate the deployment of WAGABOX® in Europe.”

Jean-Michel Thibaud, Group Chief Financial Officer and Deputy General Manager of Waga Energy

“Randolph County is pleased to partner with Waga Energy to produce RNG at the Great Oak Landfill. As part of our long‑term partnership with Waste Management, this agreement ensures that Randolph County will make the most of the site for decades to come.”  

Darrell Frye, Chairman of the Randolph County Board of Commissioners 

“We thank Randolph County for its trust and commitment. By producing RNG from landfill gas, we will create long‑lasting environmental value while providing the region with a local, reliable, and renewable energy source. This long‑term partnership illustrates the scale and potential of the Great Oak site and will contribute to the development of renewable energy in North Carolina.”  

Guénaël Prince, CEO of Waga Energy Inc. 

“We’re excited to celebrate the opening of this facility as it represents a key piece of our strategy coming to life. We made the decision several years ago to find great partners to develop these RNG projects at our facilities rather than invest the capital and embark on projects that are outside the scope of our expertise. This project is a great example of the benefits of that approach as we see the collective expertise of Chemung County, Waga Energy, and our landfill operations team coming together to create value out of the waste we manage.”

Ned Coletta
President and CEO of Casella Waste Systems, Inc.

“We are honored to celebrate this inauguration alongside Casella, a company whose commitment to sustainability and environmental stewardship is truly exemplary. The successful commissioning of the Chemung facility demonstrates the strength of our partnership and Casella’s leadership in renewable energy development. This project showcases how innovative collaboration can turn waste into a valuable resource for the energy transition, benefiting both the environment and local communities.”

Guénaël Prince
Chief Executive Officer of Waga Energy Inc.

Increased revenues and healthy cost management have allowed Waga Energy to reach its full year EBITDA breakeven at +€ 1.2m (+€ 3.8m yoy) for 2025, ahead of plans, with :

• +€ 23m of Projects EBITDA, up +€ 5m yoy, whereas platform costs reach -€ 22m, growing moderately by +€ 2m.
• A strong conversion of Projects EBITDA into Projects cashflows (95% of the +€ 23m Projects EBITDA having been converted into Projects5 cashflows in 2025).

In 2025, Group capex have reached € 118m, free cashflow after interest -€ 116m, and net result -€ 30m, led by the WAGABOX® portfolio expansion.

Waga Energy has maintained In 2025 a high-performance level, achieving an average availability of 95% for units that have been in operation for more than 12 months.

To date, Waga Energy operates 36 RNG production units in France, Spain, Canada and the United States, offering an installed capacity of 1.9 TWh (6.5 million MMBtu) p.a., and 19 units are under construction in France, Spain, Italy, Canada and the United States, representing an additional installed capacity of close to 1.8 TWh (6.3 million MMBtu) p.a. Even if the time needed for commissioning its units in the US is longer than expected due to a complex set of local specificities resulting in delays on permitting and interconnects, the Group’s portfolio of 55 projects will represent when delivered estimated signed annual recurring revenues of around € 221m, compared to € 182m one year ago.

“In 2025, Waga Energy combined measurable environmental impact with strong financial discipline, reaching fullyear EBITDA breakeven ahead of plan. By producing 674 GWh of Renewable Natural Gas and avoiding more than 300,000 tons of CO₂-equivalent emissions, we are also demonstrating in a softer market the scalability and the robustness of our longterm contracted revenues model based on sovereign local sources of energy. As we continue to expand our portfolio, especially in the United States and Europe, our ambition remains clear: fight against climate change, while building financial value creation.”

Mathieu Lefebvre
Chief Executive Officer of Waga Energy

Designed to process up to 1,000 scfm of landfill gas, the facility is designed to produce approximately 205,000 MMBtu of RNG annually. The project will avoid up to 15,800 metric tons of CO₂ equivalent emissions per year – comparable to eliminating the emissions from around 1.5 million gallons of diesel consumption.

The CMCMUA Secure Sanitary Landfill serves all sixteen municipalities within Cape May County. While the year-round population of the County is approximately 98,000 residents, the popularity of the County as a vacation destination draws additional crowds over the summer months and increases population to over 750,000. The CMCMUA Secure Sanitary Landfill accepts roughly 180,000 tons of waste annually. The landfill gas is currently utilized for power generation through a CHP engine. The RNG production will maximize the beneficial use of landfill gas generated from the degradation of waste in the landfill, while supplying renewable energy to support the decarbonization of transport.

“We are proud to partner with the Cape May County Municipal Utilities Authority on our first WAGABOX® project in New Jersey, an initiative leading the way in renewable energy production for the state. This project will reduce local emissions, improve air quality, and support the circular economy. We look forward to partnering with the CMCMUA to bring this project to life.”

Guénaël Prince
Co-Founder and CEO of Waga Energy US

“The CMCMUA is advancing its commitment to the beneficial use of landfill gas by partnering with Waga Energy, Inc. and integrating their WAGABOX® technology. This collaboration is a perfect fit for the CMCMUA’s Vision of actively pursuing and implementing innovative and environmentally sustainable solid waste systems.”

Joseph V. Rizzuto
Executive Director of the Cape May County Municipal Utilities Authority

“In 2025, Waga Energy delivered strong momentum, with RNG revenues up +23% avoiding 167,000 tons of CO₂ emissions. Our industrial model is demonstrating year after year its positive impact for the planet. Even in a softer market, we remain on track for profitable growth and EBITDA breakeven in the course of 2025. The financial capabilities and know-how brought by our new strategic shareholder EQT will help us reaching our full potential for the planet.”

Mathieu Lefebvre
Chief Executive Officer, Waga Energy

The Monflanquin WAGABOX® unit will produce approximately 41,000 MMBtu (12 GWh) per year, enough to supply 2,000 households. This renewable gas will prevent roughly 3,200 tons of CO₂ equivalent emissions annually.  

The locally produced RNG can fuel Bio-CNG vehicles through the Témob station network, supporting decarbonization of heavy-duty transport. The project is backed by the Nouvelle-Aquitaine Region and Territoire d’Énergie, strengthening the region’s renewable gas sector.  

“The partnership between SEM AVERGIES and the waste management union VALORIZON has enabled the establishment of a renewable energy production unit, in line with our shared goals of reducing greenhouse gas emissions and strengthening the territory’s energy autonomy. I would like to commend the commitment of WAGA ENERGY, whose rigor, technical expertise, and adherence to deadlines demonstrate the strength of a French player that has become a global benchmark in its field.”

Pascal de Sermet
CEO of SEM Avergies

“Our slogan—our waste is a resource—takes on its full meaning here. By recovering biogas from landfill waste to produce local renewable energy, we are creating value for the community while consolidating the resources necessary for our public service mission. This project aligns with our local economic development goals and environmental commitments through the production of clean, sustainable energy.”

Ludovic Biasotto 
President of Valorizon

“The startup of this WAGABOX® unit just thirteen months after the contract signing demonstrates the industrial expertise of our teams. We are delighted with this collaboration with Valorizon and Avergies, local players committed to renewable energy, with whom we work to reduce greenhouse gas emissions. Thanks to our partners’ engagement and WAGABOX® technology, the Monflanquin landfill now supplies the region with local, decarbonized energy.”

Mathieu Lefebvre
CEO of Waga Energy