Waga Energy, a prominent European company in the production of biomethane from landfill gas, and Meridiam, an investment fund specialising in public infrastructure finance, have obtained a non-recourse loan of €10.4 million from BNP Paribas and Banque Populaire Grand Ouest to refinance four Wagabox biomethane units located in France.
The Wagabox units are part of two SPVs (special purpose vehicle) companies, one of which is jointly owned by Meridiam. These two companies have signed a non-recourse credit agreement with the banks for 10.4 million euros to repay the loans previously contracted with Waga Energy and Meridiam. The refinancing arrangement will strengthen Waga Energy's cash flow and enable the financing of new projects in Europe and North America.
The SPV company jointly owned by Waga Energy and Meridiam hosts three biomethane units, one of which is still under construction. The second SPV company hosts one unit and is 100% owned by Waga Energy. When the final unit is commissioned, the projects will generate a total of 95 GWh of biomethane per year and prevent the emission of the equivalent of 17000 tonnes of CO2 into the atmosphere.
Waga Energy’s proprietary technology makes it possible to upgrade landfill gas into grid compliant biomethane, also known as Renewable Natural Gas. Waga currently operates ten Wagabox units in France and ten more projects are under construction in France, Spain and Canada. The Group plans to have 100 units in operation worldwide by the end of 2026.