Norton Rose Fulbright represents Waga Energy in US$180 million financing for renewable natural gas project

Global law firm Norton Rose Fulbright represented Waga Energy, a global leader in landfill gas-to-renewable natural gas (RNG), in securing a US$180 million four-year senior debt facility to expand its LFG-to-RNG platform throughout the United States. The transaction, which closed on November 24, 2025, marks the largest non-investment tax credit RNG financing in the country.

Waga Energy upgrades LFG to RNG through a patented purification technology called WAGABOX®. The RNG produced is injected directly into the gas grids that serve individuals and businesses, providing a substitute for conventional natural gas and significantly reducing carbon emissions.

Waga Energy operates 32 RNG production units throughout Europe and North America. The company has signed 13 gas rights in the US, with landfill operators in New York, Pennsylvania, Iowa, Indiana, North Carolina, Texas and California, totaling a five million MMBtu p.a. capacity. Waga Energy will use this funding to develop its US project pipeline.

Norton Rose Fulbright's deal team was led by Jim Berger (Los Angeles), Arshia Asif (New York) and Chris Psihoules (Washington, DC) and included Raashi Shastry (Washington, DC). Additional support was provided by David Rosenzweig (New York), Kim Stouffer (San Francisco) and Danny Costandy (Los Angeles).

Crédit Agricole Corporate and Investment Bank acted as lender, with HSBC Asset Management serving as lender agent.