Riverstone Credit Opps. Inc PLC Successful Realisation of Investment (4984X)
20 Dicembre 2023 - 1:30PM
UK Regulatory
TIDMRCOI
RNS Number : 4984X
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 +1 212 271 2953
Media Contacts:
Buchanan
Helen Tarbet Henry Tel: +44 (0) 20 7466 5109 Tel: +44
Wilson Verity Parker (0) 20 7466 5111 Tel: +44 (0) 20
7466 5197 Email: rcoi@buchanan.uk.com
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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END
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December 20, 2023 07:30 ET (12:30 GMT)
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