October 21, 2025. Generate Capital, PBC, a leading infrastructure investment firm, along with Fiera Infrastructure Private Debt, announced the closing of a C$60 million (US$43 million) inaugural financing for Generate Upcycle’s North American anaerobic digestion (AD) portfolio.
“This financing underscores both the maturity and the momentum of Upcycle’s RNG platform,” said Bill Caesar, President of Generate Upcycle. “Food-waste RNG is scaling, and this transaction shows how creative capital can unlock solutions with real-world environmental and economic impact.”
The portfolio, which includes five upgraded RNG assets across Ontario, Canada and Upstate New York, is expected to deliver approximately 1 million GJ per year of RNG production capacity once fully ramped. The transaction, led by Fiera Infrastructure Private Debt, represents:
- Generate’s first cross-currency, cross-border financing
- The first financing of food-waste RNG in Generate’s portfolio
The long-term facility allows Upcycle to recycle balance sheet capital and supports future expansion across the platform.
“We are proud to partner with Generate on this landmark transaction, which demonstrates both the growing maturity of the RNG sector and the ability of innovative financing structures to support its expansion,” said Stephen Zagrodny, Managing Director, Fiera Infrastructure Private Debt. “Food-waste RNG represents a critical solution for decarbonizing energy systems while addressing waste management challenges, and we are pleased to help accelerate Upcycle’s growth in this important area.”