Generate Capital, PBC (Generate), a leading sustainable infrastructure investment firm, has announced the closing of a C$60 million (£34 million / €41 million) inaugural financing deal with Fiera Infrastructure Private Debt.
The funding will support Generate Upcycle’s (Upcycle) growing North American anaerobic digestion (AD) portfolio, further boosting renewable natural gas (RNG) capacity across Canada and the United States.
“This financing underscores both the maturity and the momentum of Upcycle’s RNG platform,” said Bill Caesar, President of Generate Upcycle. “Food-waste RNG is scaling, and this transaction shows how creative capital can unlock solutions with real-world environmental and economic impact.”
The portfolio comprises five upgraded RNG assets located in Ontario, Canada, and Upstate New York, expected to deliver approximately 1 million GJ per year of RNG once fully operational.
The transaction marks Generate’s first cross-currency, cross-border financing, as well as its first investment in food-waste-derived RNG.
The long-term facility will enable Upcycle to recycle balance sheet capital while supporting further expansion across its renewable energy platform.
“We are proud to partner with Generate on this landmark transaction, which demonstrates both the growing maturity of the RNG sector and the ability of innovative financing structures to support its expansion,” said Stephen Zagrodny, Managing Director at Fiera Infrastructure Private Debt.
“Food-waste RNG represents a critical solution for decarbonising energy systems while addressing waste management challenges, and we are pleased to help accelerate Upcycle’s growth in this important area.”
Generate Upcycle, a wholly owned subsidiary of Generate Capital, develops and operates RNG and renewable electricity projects that convert organic waste into clean energy.
The company’s North American portfolio includes four anaerobic digesters and two pre-processing facilities processing around 400,000 tonnes of food waste annually, producing approximately 1 million GJ of RNG.
In the United Kingdom, Upcycle operates seven anaerobic digesters and one pre-processing facility, processing roughly 500,000 tonnes of organic waste per year. These assets generate around 600,000 GJ of RNG and 100,000 MWh of renewable electricity annually.
Upcycle serves municipal and commercial customers with integrated waste processing solutions while supplying RNG through long-term agreements with leading utilities and corporate partners.
Generate Capital secures C$60m for anaerobic digestion portfolio
