Generate Capital, a leading sustainable infrastructure investment firm, announced the closing of a C$60 million (US$43 million) inaugural financing for its subsidiary, Generate Upcycle, in partnership with Fiera Infrastructure Private Debt. The funding supports Upcycle’s North American anaerobic digestion (AD) portfolio and highlights growing investor momentum in renewable natural gas (RNG) projects across the continent.
The portfolio under the transaction includes five upgraded RNG assets located in Ontario, Canada, and Upstate New York. Once fully operational, these assets are expected to deliver approximately 1 million gigajoules (GJ) per year of RNG production capacity. The transaction represents Generate’s first-ever cross-currency, cross-border financing and marks the company’s inaugural financing of food-waste RNG within its portfolio.
The long-term facility allows Upcycle to recycle balance sheet capital, enabling continued platform growth and future expansion across North America. By combining innovative financing mechanisms with a focus on sustainable energy production, Generate Capital and Fiera Infrastructure Private Debt aim to accelerate the deployment of renewable energy solutions that align environmental outcomes with long-term financial value.
Upcycle, a wholly owned subsidiary of Generate Capital, operates as a renewable natural gas and electricity production platform that provides integrated organic waste management solutions. The company serves both public and private partners across Canada, the United States, and the United Kingdom, converting organic waste streams into clean energy and helping communities advance circular economy goals.
Upcycle’s North American portfolio includes four anaerobic digesters and two pre-processing facilities that collectively process around 400,000 tons of food waste per year, producing roughly 1 million GJ of RNG annually. Its U.K. operations comprise seven anaerobic digesters and one pre-processing facility that handle approximately 500,000 tons of organic waste, generating ~600,000 GJ of RNG and ~100,000 MWh of renewable electricity each year. Through long-term agreements with utility and corporate customers, Upcycle ensures reliable supply and consistent environmental performance.
Generate Capital itself continues to strengthen its position as a leading infrastructure investment platform. Since its founding in 2014, the firm has raised over $14 billion and built a diversified portfolio spanning more than 2,000 assets across six core sectors: power, mobility, waste, green digital, water, agriculture, and industrial decarbonization. And its mission-driven approach focuses on building and operating critical infrastructure that delivers affordable, resilient, and sustainable solutions for communities and businesses worldwide.
KEY QUOTES:
“This financing underscores both the maturity and the momentum of Upcycle’s RNG platform. Food-waste RNG is scaling, and this transaction shows how creative capital can unlock solutions with real-world environmental and economic impact.”
Bill Caesar, President of Generate Upcycle
“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. 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.”
Stephen Zagrodny, Managing Director, Fiera Infrastructure Private Debt
