---
schema_version: "secwatch.filing_event.v1"
accession: "0001842279-23-000054"
form_type: "8-K"
ticker: "OPAL"
cik: "0001842279"
company_name: "OPAL Fuels Inc."
filed_at: "2023-06-02T23:59:59+00:00"
generated_at: "2026-06-14T08:30:24.220966+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# OPAL Fuels funds RNG projects via $85M delayed-draw term loan in 50/50 JV Paragon RNG

## Summary
- On May 30, 2023, OPAL contributed Sapphire and Emerald RNG interests to Paragon RNG LLC, a 50/50 JV with a third-party environmental solutions company; indirect ownership unchanged.
- Paragon RNG borrowed up to $85M (delayed-draw term loan) and $10M (DSR facility) under amended credit agreement maturing May 30, 2028; $18.5M drawn at closing for Emerald construction.
- Interest rate: Term SOFR +3.50% pre-conversion (June 30, 2024 or earlier) and +3.75% thereafter; quarterly amortization of 2.5% starts Sep 30, 2024.
- Loans are non-recourse to OPAL Fuels Inc.; secured by Paragon and project assets; requires minimum debt service coverage ratio of 1.2:1.0.
- Proceeds used for construction of Sapphire and Emerald renewable natural gas projects; previous credit agreement fully replaced.

## SEC filing metadata
- accession: 0001842279-23-000054
- form_type: 8-K
- ticker: OPAL
- cik: 0001842279
- company_name: OPAL Fuels Inc.
- filed_at: 2023-06-02T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1842279/000184227923000054/0001842279-23-000054-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1842279/000184227923000054/opal-20230530.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001842279-23-000054
- JSON: https://secwatch.observer/filing/0001842279-23-000054.json
- Plain text: https://secwatch.observer/filing/0001842279-23-000054.txt

## Key facts
- Debt Financings
  OPAL Fuels Inc. incurred credit facility of up to a maximum aggregate principal amount of $85.0 million with Bank of Montreal at adjusted Term SOFR plus 3.5% to 3.75% maturing May 30, 2028.
  - Instrument: credit facility
  - Principal: up to a maximum aggregate principal amount of $85.0 million
  - Counterparty: Bank of Montreal
  - Rate: adjusted Term SOFR plus 3.5% to 3.75%
  - Maturity: May 30, 2028
  - Event: incurrence
  source text: The Credit Agreement provides for an approximately two-year delayed term loan facility (the “DDTL Facility”) of up to a maximum aggregate principal amount of $85.0 million and a debt service reserve facility (the “DSR Facility”) of up to a maximum aggregate principal amount of $10.0 million.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1842279/000184227923000054/0001842279-23-000054-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.