REG - Riverstone Credit - New Sustainability-Linked Renewable Gas Financing

Riverstone Credit Opportunities IncomeAnnouncement

04/01/2023 07:00

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RNS Number : 5781L  Riverstone Credit Opps. Inc PLC  04 January 2023

 

4 January 2023

Riverstone Credit Opportunities Income Plc

New Sustainability-Linked Renewable Natural Gas Financing

Riverstone Credit Opportunities Income ("RCOI"), the LSE-listed energy
infrastructure and energy-transition credit investor, is pleased to announce
that Riverstone Credit, the Company's investment manager has executed a new
four-year $150 million sustainability-linked first lien term loan (the "Term
Loan") to Clean Energy Fuels Corp. ("Clean Energy Fuels" or "CLNE"). At close
on 22 December 2022, RCOI committed $13.9 million. With this investment, RCOI
remains nearly fully invested, with the revolving credit facility utilized and
the portfolio almost exclusively comprised of green loans and
sustainability-linked loans.

This financing provides Clean Energy Fuels, a NASDAQ listed public company
under the ticker CLNE, with additional growth capital to execute its renewable
natural gas ("RNG") growth strategy as demand for RNG fuel rapidly rises.
CLNE's growth strategy includes the development of negative carbon intensity
RNG projects and construction of new RNG fueling stations for the North
American transportation sector. Proceeds from the term loan will be used, in
part, to help fund CLNE's rapid expansion of RNG projects at dairies, which
capture fugitive methane and turn it into a fuel made entirely from organic
waste and reduces carbon emissions by an average of 300% versus diesel. Demand
for the green fuel continues to grow as customers like Republic Services, WM,
UPS, LA Metro and New York City MTA continue to expand their RNG fleets.

The first lien floating rate term loan has a maturity of 22 December 2026 with
an all-in yield to maturity of c.12 percent for RCOI on a fully drawn basis.
CLNE obtained a second party opinion from Sustainable Fitch that considered
the transaction to be aligned with the five pillars of the Loan Syndications
and Trading Association's Sustainability-Linked Loan Principles.

Danny Flannery, Managing Director of Riverstone Credit, the Company's
Investment Manager said:

"Clean Energy Fuels pioneered RNG as a vehicle fuel and continues to be the
largest provider of RNG for the transportation industry throughout North
America. We are thrilled to partner with them on their quest to deliver fully
zero-carbon RNG by 2025. RCOI is now nearly fully deployed in an attractive
and diversified portfolio of independently accredited green and
sustainability-linked loans that support the Company's target annual dividend
yield of 8%, paid through quarterly distributions."

 

For Riverstone Credit Opportunities Income Plc:

Adam
Weiss
                +1 212 271 2953

J.P. Morgan Cazenove (Corporate Broker):
 Jérémie Birnbaum (Corporate Finance)       +44 0 (207) 742 4000
 James Bouverat / Liam MacDonald-Raggett (Sales)

Media Contacts:
 Buchanan
 Helen Tarbet    Tel: +44 (0) 20 7466 5109
 Henry Wilson    Tel: +44 (0) 20 7466 5111
 Jon Krinks      Tel: +44 (0) 20 7466 5199
 Verity Parker   Tel: +44 (0) 20 7466 5197
                 Email:
                 rcoi@buchanan.uk.com (mailto:rcoi@buchanan.uk.com)

 

About Riverstone Credit Opportunities Income Plc:

RCOI lends to companies that build and operate the infrastructure used to
generate, transport, store and distribute both renewable and conventional
sources of energy, and companies that provide services to that infrastructure.
RCOI is strategically repositioning towards companies seeking to facilitate
the energy transition by decarbonizing the energy, industrial and agricultural
sectors, building sustainable infrastructure and reducing or sequestering
carbon emissions. The Company seeks to ensure that its investments are having
a positive impact on climate change by structuring each deal as either a green
loan or a sustainability-linked loan, documented using industry best
practices.

 

For further details, see https://www.riverstonecoi.com/
(https://www.riverstonecoi.com/) .

 

About Clean Energy

Clean Energy Fuels Corp. is America's largest provider of the cleanest fuel
for the transportation market. The Company's mission is to decarbonize
transportation through the development and delivery of renewable natural gas
(https://www.cleanenergyfuels.com/#why-rng)  ("RNG"), a sustainable fuel
derived from organic waste. Clean Energy allows thousands of vehicles, from
airport shuttles to city buses to waste and heavy-duty trucks, to reduce their
amount of climate-harming greenhouse gas. It operates a vast network
(https://www.cnglngstations.com/)  of fueling stations across the U.S. and
Canada. Visit www.cleanenergyfuels.com (https://www.cleanenergyfuels.com/)
 and follow @ce_renewables (https://mobile.twitter.com/ce_renewables)  on
Twitter.

 

 

Neither the contents of RCOI's website nor the contents of any website
accessible from hyperlinks on the websites (or any other website) is
incorporated into, or forms part of, this announcement.

 

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