REG - Riverstone Credit - Successful Realisation of Investment

Riverstone Credit Opportunities IncomeAnnouncement

20/12/2023 12:45

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RNS Number : 4984X  Riverstone Credit Opps. Inc PLC  20 December 2023

 

20 December 2023

Riverstone Credit Opportunities Income Plc

Successful Realisation of Investment in Clean Energy with $1.9 Million Gross
Profit

Riverstone Credit Opportunities Income ("RCOI" or the "Company"), the
LSE-listed energy infrastructure and energy-transition credit investor, is
pleased to announce the successful realisation of its sustainability-linked
first lien term loan in Clean Energy Fuels Corp. ("Clean Energy" or "CLNE") at
a 14.9 percent gross IRR and a 10.8 percent net IRR and 1.14x gross MOIC and a
1.10x net MOIC.

On 22 December 2022, RCOI committed $13.9 million in a first lien term loan to
Clean Energy, which is 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. The term loan was
structured as a sustainability-linked loan as 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:

"We were pleased to partner with Clean Energy to further expand our portfolio
of credit investments in companies which enable greater environmental
sustainability and the transition to net zero. This realisation further
strengthens our compelling track record of attractive realisations with this
investment generating another strong IRR result for our shareholders."

 

For Riverstone Credit Opportunities Income Plc:

Adam
Weiss
                +1 212 271 2953

Media Contacts:
 Buchanan
 Helen Tarbet    Tel: +44 (0) 20 7466 5109
 Henry Wilson    Tel: +44 (0) 20 7466 5111
 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.

 

As indicated on November 6th, 2023's RNS, Riverstone Holdings LLC and their
affiliate Riverstone Investment Group (collectively, "Riverstone") announced
that they intend to enter into an agreement with Breakwall Capital LLC
("Breakwall") to provide sub-management services (the "Sub-Management
Agreement") for all credit vehicles managed by Riverstone, including RCOI (the
"Existing Credit Vehicles"). Breakwall is a newly formed independent
asset-management firm expected to be regulated by the SEC as a Registered
Investment Advisor, owned and operated by the existing Riverstone Credit
Partners team, including Christopher Abbate, Jamie Brodsky and Daniel
Flannery.

 

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

 

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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