ArcLight Clean Transition II scheduled a July 15 meeting for shareholders to vote on the proposed merger with OPAL Fuels, a vertically integrated producer and distributor of renewable natural gas. The registration statement has been declared effective by the SEC.
The deal values the combined company at $1.75 billion.
As announced last December, the transaction is 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.
