Environmental Finance's Sustainable Debt Awards 2024

Green loan of the year (Americas): Linden Renewable Energy

In December 2023, Linden Renewable Energy (LRE) secured a $240 million green loan to support the construction of one of the largest food waste-to-renewable natural gas (RNG) facilities in the US.

The facility in Linden, New Jersey will use source-separated organics and fats, oils, and grease to produce biogas. Upon completion, which is expected in Q4 2025, Linden will process approximately 1,500 tons of feedstock per day to produce 3,800 dekatherms of output, the energy equivalent of 31,000 gallons of gasoline each day. The RNG produced by Linden will be sold to FortisBC, a Canadian natural gas utility.

The project will also produce 200-300 cubic yards per day of digested solids that can be used as an alternative to chemical fertilisers.

By diverting organic waste from landfills, LRE is expected to avoid an estimated 120,000 metric tonnes of carbon dioxide equivalent emissions (CO2e) annually1.

The project will be primarily powered by onsite fuel cells to reduce grid reliance and Scope 2 emissions.

Cindy JiaING Capital acted as the sole green loan coordinator, and Investec acted as the sole book runner.

"ING is proud to have played a role in this landmark transaction. Projects like Linden are an important component of the energy transition that ING is keen on supporting. Diverting food waste from landfills not only helps businesses achieve waste reduction goals; their conversion into renewable natural gas can also significantly reduce methane emissions, which are at least 25 times more potent than carbon dioxide in terms of global warming potential," commented Cindy Jia, director in ING Capital's Sustainable Finance team.

The loan was structured in alignment with the Loan Market Association, Asia Pacific Loan Market Association, and Loan Syndications and Trading Association's Green Loan Principles.


1 Calculated based on sponsor expected production of the project and DOE Emissions Conversion Factor for Food Waste RNG Projects.