Benzinga | Dec 2, 2021 06:37AM EST

OPAL Fuels To List On Nasdaq Through Combination With ArcLight Clean Transition Corp. II

- OPAL Fuels LLC has entered into a business combination agreement with ArcLight Clean Transition Corp. II (NASDAQ:ACTD) ("ArcLight") with an enterprise value of $1.75 billion; upon closing, the combined company will be listed on the Nasdaq Exchange under the ticker symbol "OPL".

- OPAL Fuels is a leading vertically integrated producer and distributor of renewable natural gas ("RNG") with a diversified revenue and customer base in 42 states.

- Transaction includes a $125 million fully committed common stock PIPE at $10.00 per share anchored by NextEra Energy, Inc. (NYSE:NEE) ("NextEra Energy"), Electron Capital Partners, Gunvor Group, Wellington Management and Adage Capital Management, with participation by ArcLight affiliates.

- Additionally, affiliates of NextEra Energy have made a commitment for up to a $100 million preferred equity investment in OPAL Fuels and have entered into a purchase and sale agreement for the majority of OPAL Fuels environmental attributes.

- Assuming no redemptions, the transactions are expected to provide gross proceeds of approximately $536 million to fund the construction of OPAL Fuels' robust RNG development pipeline.