Clean Energy Fuels Corp. said Wednesday it has secured $150 million in financing to continue growing its renewable natural gas (RNG) business with a focus on the transportation sector.

The four-year, sustainability-linked term loan from Riverstone Credit Partners LP provides Clean Energy with additional capital to execute its RNG growth strategy “as demand for RNG fuel rapidly rises,” the firm said. 

The strategy “includes the development of negative carbon intensity RNG projects and construction of new RNG fueling stations for transportation sector customers,” according to Newport Beach, CA-based Clean Energy.

Plans are to use proceeds from the loan, in part, “to help fund the company’s rapid expansion of RNG projects at dairies, which capture fugitive methane...