Generate Capital and Fiera Infrastructure Private Debt Close C$60 Million Financing for Upcycle's North American Anaerobic Digestion Portfolio

Generate Capital, PBC, in partnership with Fiera Infrastructure Private Debt, has successfully closed a C$60 million (US$43 million) inaugural financing for Generate Upcycle's North American anaerobic digestion (AD) portfolio. The portfolio consists of five upgraded RNG assets across Ontario, Canada, and Upstate New York, with an expected annual capacity of 1 million GJ of RNG production.

This long-term facility will allow Upcycle to recycle balance sheet capital and support future expansion across the platform. Upcycle, a subsidiary of Generate Capital, focuses on renewable natural gas and electricity production, providing integrated organic waste solutions in Canada, the United States, and the United Kingdom. The company serves municipal and commercial customers with waste processing solutions while supplying RNG under long-term agreements with utility and corporate counterparties.

Generate is a multi-strategy investment platform that builds, owns, and operates critical infrastructure, with a portfolio including over 2,000 assets and more than 50 partnerships. Fiera Infrastructure Private Debt, a division of Fiera Private Debt Inc., directly sources and structures private debt investments across various North American infrastructure sectors, with C$594 million in assets under management as of June 30, 2025.

Read more about the funding here.