Generate Capital, PBC (Generate), a prominent sustainable infrastructure investment firm, has successfully closed its inaugural financing deal, securing C$60 million (£34 million / €41 million) in funding through Fiera Infrastructure Private Debt. This strategic investment will support the growth of Generate Upcycle’s (Upcycle) North American anaerobic digestion (AD) portfolio and increase renewable natural gas (RNG) production capacity across Canada and the United States.
Funding to Accelerate RNG Capacity Expansion
The financing will enable Upcycle to further scale its renewable natural gas operations, particularly in the food-waste-to-energy sector. Bill Caesar, President of Generate Upcycle, emphasized the significance of the deal: “This financing underscores both the maturity and momentum of Upcycle’s RNG platform. Food-waste RNG is scaling, and this transaction shows how creative capital can unlock solutions with real-world environmental and economic impact.”
The Upcycle portfolio includes five upgraded RNG assets located in Ontario, Canada, and Upstate New York. Once fully operational, these assets are expected to deliver approximately 1 million gigajoules (GJ) of RNG annually.
First Cross-Border and Cross-Currency Financing for Generate
This financing marks Generate’s first cross-border, cross-currency transaction, and its first investment in food-waste-derived RNG. The long-term facility will not only allow Upcycle to recycle balance sheet capital but also drive further expansion of its renewable energy platform across North America.
Innovative Financing Driving Sector Growth
Stephen Zagrodny, Managing Director at Fiera Infrastructure Private Debt, expressed pride in the partnership with Generate, stating, “This landmark transaction demonstrates both the growing maturity of the RNG sector and the ability of innovative financing structures to support its expansion.” He further highlighted the importance of food-waste RNG in decarbonizing energy systems and addressing waste management challenges, underscoring Fiera’s commitment to accelerating Upcycle’s growth in this vital area.
Upcycle’s Expanding Renewable Energy Footprint
Generate Upcycle, a wholly owned subsidiary of Generate Capital, focuses on developing and operating RNG and renewable electricity projects that convert organic waste into clean energy. The company’s North American portfolio includes four anaerobic digesters and two pre-processing facilities, processing approximately 400,000 tonnes of food waste annually. These facilities produce roughly 1 million GJ of RNG each year.
In the United Kingdom, Upcycle operates seven anaerobic digesters and one pre-processing facility, processing around 500,000 tonnes of organic waste annually, generating 600,000 GJ of RNG and 100,000 MWh of renewable electricity.
Serving Municipal and Commercial Clients
Upcycle serves both municipal and commercial customers with integrated waste processing solutions, while supplying RNG through long-term agreements with leading utilities and corporate partners. The expansion of its RNG capacity, fueled by this new financing, positions Upcycle as a key player in the growing renewable energy sector.
This significant financing deal not only accelerates Upcycle’s growth but also strengthens the role of food-waste RNG in the transition to cleaner energy systems. With a focus on sustainability and innovation, Generate Capital continues to lead the way in supporting the development of renewable infrastructure and addressing global environmental challenges.
