Business
OPAL Fuels Announces Agreement for $11.1 Million Sale of IRA Investment Tax Credits
WHITE PLAINS, N.Y.--(BUSINESS WIRE)-- OPAL Fuels Inc. (Nasdaq: OPAL), a vertically integrated leader in the capture and conversion of biogas into low carbon
About this update from Opal Fuels Inc.
[{"type":"text","content":" WHITE PLAINS, N.Y.--(BUSINESS WIRE)--\nOPAL Fuels Inc. (Nasdaq: OPAL), a vertically integrated leader in the capture and conversion of biogas into low carbon intensity renewable natural gas (“RNG”) and renewable power, today announced the sale of approximately $11.1 million of Inflation Reduction Act (“IRA”) investment tax credits to a subsidiary of Apollo Global Management, Inc., a leading provider of alternative asset management and retirement solutions. This sale represents OPAL Fuels’ stake in the investment tax credits generated by the Emerald RNG facility, a joint venture that is 50% owned by OPAL Fuels.\n\nThe Inflation Reduction Act, signed into law in August 2022, provides for the issuance of transferable federal income tax credits for certain renewable fuel projects and products. The sale is OPAL Fuels’ first IRA tax credit transaction.\n\n“The sale of IRA tax credits provides OPAL Fuels another source of liquidity to continue funding our strategic growth initiatives,” said Jonathan Maurer, Co-Chief Executive Officer of OPAL Fuels. “We view the IRA as favorable for the renewable energy industry and an important driver of investment across our project pipeline over the next several years.”\n\n“With nameplate capacity of 10,000 scfm, the Emerald RNG facility is one of the largest landfill RNG facilities in North America. Today’s tax credit sale helps spur investment in these important assets going forward capturing naturally occurring biogas and combating climate change through decarbonization of heavy-duty trucking fleets,” continued Maurer.\n\nAbout OPAL Fuels Inc.\n\nOPAL Fuels Inc. (Nasdaq: OPAL) is a leader in the capture and conversion of biogas into low carbon intensity RNG and renewable electricity. OPAL Fuels is also a leader in the marketing and distribution of RNG to heavy duty trucking and other hard to de-carbonize industrial sectors. For additional information, and to learn more about OPAL Fuels and how it is leading the effort to capture North America’s naturally occurring methane and decarbonize the economy, please visit www.opalfuels.com.\n\nForward-Looking Statements\n\nCertain statements in this communication may be considered forward-looking statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements a...