Opal Fuels to go public via $1.75 billion SPAC deal (updated)

Opal Fuels

02/12/2021 12:14

(Adds detail on investment, industry background)
    Dec 2 (Reuters) - Opal Fuels said on Thursday it agreed to
go public by merging with blank-check firm ArcLight Clean
Transition Corp II  ACTD.O  in a deal that values the renewable
energy production and distribution company at $1.75 billion,
including debt.
    The deal includes a $125 million fully committed private
placement in public equity (PIPE) at $10 per share, anchored by
Nextera Energy Inc  NEE.N , Electron Capital Partners, Gunvor
Group, Wellington Management and ArcLight affiliates.
    Producers of alternative sources of energy have lately seen
an uptick in demand as businesses and investors push for more
sustainable and cleaner energy resources.
    Archaea Energy  LFG.N  shares surged in its New York
Exchange debut in September after it went public through a
merger with a blank-check firm in a $1.15 billion deal.
 nL4N2QH3MN 
    The combined company will be led by Opal co-chief executives
Adam Comora and Jonathan Maurer and trade on Nasdaq under the
symbol "OPL".
    Special purpose acquisition companies, or SPACs, are shell
companies which raise funds through an initial public offering
to take a private company public through a merger at a later
date.

 (Reporting by Mehnaz Yasmin and Sohini Podder in Bengaluru;
Editing by Sriraj Kalluvila)
 ((Mehnaz.Yasmin@thomsonreuters.com;
Sohini.Podder@thomsonreuters.com))