Waga Energy taps into funding for US projects

Waga Energy Inc., the United States subsidiary of the France-based Waga Energy Group, has secured approximately $64 million in financing from asset manager Eiffel Investment Group to help finance the construction of four renewable natural gas (RNG) production units in the U.S.

Waga’s most commonly installed technology, known as the Wagabox, produces RNG from landfill gas. Financier Eiffel Investment Group, according to Waga, has more than $6 billion in assets under management.

In recent months, Waga has “made a major breakthrough” in the U.S., with seven Wagabox units currently under construction.

The new financing will go toward the first four Waga Energy projects of in the United States, including a Wagabox unit in its final construction phase in Bath, New York.

Once up and running, the four units will be able to produce a combined 1,980,000 million British thermal units (MMBtu) or 495 gigawatt hours (GWh) of RNG per year, helping to avoid more than 120,000 tons of CO₂-equivalent in emissions annually.

The transaction marks the second time Waga Energy and Eiffel Investment Group have worked together. In 2020, the Eiffel Gaz Vert (Eiffel Green Gas) fund granted Waga Energy bond financing of about $20 million to fund the construction of four Wagabox units in France. That financing was fully repaid in 2022.

“Eiffel’s support will enable us to accelerate the rollout of the Wagabox solution in the U.S.,” says Guénaël Prince, CEO of Waga Energy USA. “We are pleased to further our partnership, kick-started in 2020, at the service of the energy transition and the fight against global warming.”

“On the back of financing that has tripled from 2020, we are thrilled to help accelerate the growth of Waga Energy and its North America team," adds Pierre-Antoine Machelon, managing director of Eiffel Investment Group. "By financing these four fully secured projects, Eiffel is proud to expand its operations in the U.S. and contribute toward reducing global methane emissions – a target reiterated at the COP28 summit.”