Waga Energy has secured a CA$25 million (approximately €16 million) project finance loan to refinance three of its operational sites in Québec, Canada.
The 19-year term loan was provided by Canadian financial institutions Equitable® and The Empire Life Insurance Company.
It will be used to refinance the WAGABOX® units currently in operation in Saint-Étienne-des-Grés, Chicoutimi and Cowansville. Together, these sites have a combined production capacity of 185 GWh (666 TJ) per year.
The funds will be used to repay construction-related debt and improve the company’s cash flow position, with the broader aim of supporting further RNG project development both within Canada and internationally.
This marks Waga Energy’s first refinancing transaction in Canada. The company currently operates seven RNG facilities across North America and has an additional 13 units under construction in Canada and the United States.
Jean-Michel Thibaud, Deputy CEO and Chief Financial Officer of Waga Energy, said: “We appreciate the confidence shown by Equitable and Empire Life in supporting this financing. Securing our first non-recourse project loan in Canada represents a key milestone for Waga Energy. The long maturity of this facility reflects the strength of our operating model and our ability to deliver long-term, contracted revenue streams.”
Selkirk Advisory Group served as financial advisor to Waga Energy. Legal counsel was provided by McCarthy Tétrault for the borrower and by Stikeman Elliott for the lenders.
Waga Energy secures CA$25 million loan to refinance three Canadian RNG plants
