Riverstone Credit, the investment manager of energy infrastructure credit investor Riverstone Credit Opportunities Income (RCOI), has executed a new four-year $150 million sustainability-linked, first-lien term loan to Clean Energy Fuels.
At closing on Dec. 22, 2022, RCOI committed $13.9 million. With this investment, RCOI remains nearly fully invested, with the portfolio almost exclusively consisting of green loans and sustainability-linked loans.
Clean Energy Fuels will use the financing to execute its RNG growth strategy, which includes the development of negative carbon-intensity RNG projects and the construction of new RNG fueling stations for the North American transportation sector. Proceeds from the term loan also will be partially used to help fund CLNE's RNG projects at dairies, which capture fugitive methane and turn it into a fuel made entirely from organic waste. This method reduces carbon emissions by an average of 300 percent, compared with diesel.
