Successful Realisation of Investment

Riverstone Credit Opps. Inc PLC

20 December 2023

 

 

20 December 2023

Riverstone Credit Opportunities Income Plc

Successful Realisation of Investment in Clean Energy with $1.9 Million Gross Profit

Riverstone Credit Opportunities Income ("RCOI" or the "Company"), the LSE-listed energy infrastructure and energy-transition credit investor, is pleased to announce the successful realisation of its sustainability-linked first lien term loan in Clean Energy Fuels Corp. ("Clean Energy" or "CLNE") at a 14.9 percent gross IRR and a 10.8 percent net IRR and 1.14x gross MOIC and a 1.10x net MOIC.

On 22 December 2022, RCOI committed $13.9 million in a first lien term loan to Clean Energy, which is a NASDAQ listed public company under the ticker CLNE, with additional growth capital to execute its renewable natural gas ("RNG") growth strategy as demand for RNG fuel rapidly rises. The term loan was structured as a sustainability-linked loan as CLNE obtained a second party opinion from Sustainable Fitch that considered the transaction to be aligned with the five pillars of the Loan Syndications and Trading Association's Sustainability-Linked Loan Principles.

Danny Flannery, Managing Director of Riverstone Credit, the Company's Investment Manager said:

"We were pleased to partner with Clean Energy to further expand our portfolio of credit investments in companies which enable greater environmental sustainability and the transition to net zero. This realisation further strengthens our compelling track record of attractive realisations with this investment generating another strong IRR result for our shareholders."

For Riverstone Credit Opportunities Income Plc:

Adam Weiss                                                    [phone]

Media Contacts:

Buchanan
Helen Tarbet Henry Wilson Verity Parker	Tel: [phone] Tel: [phone] Tel: [phone] Email: [e-mail]

About Riverstone Credit Opportunities Income Plc:

RCOI lends to companies that build and operate the infrastructure used to generate, transport, store and distribute both renewable and conventional sources of energy, and companies that provide services to that infrastructure. RCOI is strategically repositioning towards companies seeking to facilitate the energy transition by decarbonizing the energy, industrial and agricultural sectors, building sustainable infrastructure and reducing or sequestering carbon emissions. The Company seeks to ensure that its investments are having a positive impact on climate change by structuring each deal as either a green loan or a sustainability-linked loan, documented using industry best practices.

As indicated on November 6th, 2023's RNS, Riverstone Holdings LLC and their affiliate Riverstone Investment Group (collectively, "Riverstone") announced that they intend to enter into an agreement with Breakwall Capital LLC ("Breakwall") to provide sub-management services (the "Sub-Management Agreement") for all credit vehicles managed by Riverstone, including RCOI (the "Existing Credit Vehicles"). Breakwall is a newly formed independent asset-management firm expected to be regulated by the SEC as a Registered Investment Advisor, owned and operated by the existing Riverstone Credit Partners team, including Christopher Abbate, Jamie Brodsky and Daniel Flannery. 

For further details, see https://www.riverstonecoi.com/.

Neither the contents of RCOI's website nor the contents of any website accessible from hyperlinks on the websites (or any other website) is incorporated into, or forms part of, this announcement.

 

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