California-based Clean Energy Fuels Corp. entered a six- year $300 million senior secured term loan and a two-year delayed draw term loan for an additional $100 million with investment firm Stonepeak, according to a Dec. 13 press release.

The financing will provide Clean Energy with capital for new renewable natural gas (RNG) facilities and expand its fueling infrastructure, the release stated.

“This financing agreement is very timely as we continue to see more RNG development opportunities come our way, and as we anticipate building additional stations to accommodate increased demand due to the arrival of Cummins 15-liter natural gas engine,” said Clay Corbus, Clean Energy’s senior vice president for strategic development and head of renewables.

Clean Energy is currently developing a portfolio of RNG production facilities at dairies across the U.S. including producing RNG in Texas and supplying it to the transportation market in Oregon through the state’s low carbon fuels program, the release added.

“We see RNG as a practical and affordable energy solution for the transportation sector, with tailwinds supporting increasing adoptability,” said Michael Bricker, senior managing director at Stonepeak. “This, combined with its ability to curb fugitive methane emissions, makes it a critical part of decarbonization infrastructure, in our view.”