Waga Energy Secures €128 Million Green Loan to Accelerate Biomethane Deployment

Waga Energy SA, the French specialist in landfill‑gas‑based renewable natural gas (RNG) production, has announced the signing of a €128 million structured green loan with a ten‑year maturity. The financing, arranged through a consortium of French and European banks, is earmarked for three key purposes:

  1. Refinancing existing operations – The loan will refinance roughly twenty WAGABOX units that are already in operation.
  2. Financing projects under construction – New units in France, Spain and Italy, currently under construction, will receive the necessary capital.
  3. Financing future projects – A dedicated tranche will support projects that have not yet been contracted, enabling Waga Energy to broaden its footprint across the continent.

A Multi‑Country, Multi‑Institutional Structure

The agreement is structured as a green loan, a financing instrument that is increasingly favored by investors and lenders looking to support climate‑positive projects. The loan is issued through Waga Assets 3, a wholly owned subsidiary, and is underwritten by a group of leading financial institutions, including:

  • Crédit Agricole CIB – acting as global coordinator and green coordinator.
  • Société Générale – serving as intercreditor agent, security agent, and account bank.
  • BNP Paribas – providing hedging coordination.
  • ING Bank, Crédit Agricole Transitions & Énergies, Arkéa Banque Entreprises et Institutionnels, Crédit Agricole Leasing & Factoring, Crédit Agricole Sud Rhône Alpes, and LCL – as additional lenders.

The transaction’s legal and advisory teams were led by Ashurst Perkins Coie (legal counsel) and Hogan Lovells Cadwalader (advisors to the lenders). Technical due diligence was performed by AFRY, while Marsh and Grant Thornton handled insurance and audit functions, respectively.

Strategic Implications for Waga Energy

Jean‑Michel Thibaud, Group Chief Financial Officer and Deputy General Manager, emphasized that the loan represents a “new milestone” in the company’s financing strategy. By combining refinancing of operating assets, construction‑phase funding, and a forward‑looking tranche, Waga Energy will be able to accelerate the deployment of its patented WAGABOX technology across multiple European markets. The consortium’s confidence underscores the robustness of Waga Energy’s business model and its commitment to scaling RNG production.

Company Context

With a market capitalization of approximately €601 million, Waga Energy operates 37 RNG production units across France, Spain, Canada, and the United States, delivering more than 6.8 million MMBtu (≈ 2 TWh) of renewable natural gas per year. The company’s core services—landfill gas recovery, upgrades, and grid injection—position it at the heart of the global transition to cleaner energy sources. Its stock is listed on Euronext Paris (FR0012532810 – ticker: WAGA), and its financial metrics currently show a negative price‑earnings ratio of –16.81, reflecting its investment‑heavy growth phase.

The €128 million green loan, therefore, is not merely a financing transaction but a strategic enabler that will allow Waga Energy to deepen its presence in Europe, strengthen its portfolio, and contribute more substantially to climate‑change mitigation through the capture and purification of landfill gas into biomethane.