OPAL Fuels, a vertically integrated producer and distributor of renewable natural gas, and ArcLight Clean Transition II announced today a merger agreement that valeus the combined company at $1.75 billion.
If approved, upon closing OPAL Fuels will list on the Nasdaq under new ticker symbol OPL.
The transaction and related financings are expected to provide gross proceeds of approximately $536 million to OPAL Fuels, comprised of:
- ArcLight’s $311 million of cash held in trust, assuming no redemptions;
- A $125 million fully committed PIPE, anchored by NextEra Energy, an affiliate of ArcLight, Electron Capital Partners, Gunvor Group, Wellington Management and Adage Capital Management, and;
- Up to a $100 million preferred equity investment from affiliates of NextEra Energy. Read more.
