EQT plans to acquire 54.1% stake in French RNG developer Waga Energy; deal expected to close in second half of 2025 pending regulatory approvals

June 6, 2025 (Waste Dive) –

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Private equity investor EQT is in talks to acquire a majority stake in French RNG project developer Waga Energy with the intention of eventually taking the company private, the partners announced on Friday.

EQT says it plans to acquire 54.1% of Waga Energy’s outstanding shares at a price of 21.55 euros per share. It also plans to acquire 65.9% of the company’s voting rights, per a news release. The deal is subject to regulatory approvals and is expected to be completed in the second half of the year.

Waga Energy’s board of directors has approved moving forward with a the proposed transaction. It has hired an independent expert to examine the offer, Waga said in the release.

EQT says the deal will also accelerate Waga’s growth and cement its position as a global renewable natural gas provider. The firm says its financial backing would help Waga better compete in larger markets while also addressing its core market of small and medium-sized landfills sites.

EQT says its 15-year track record of investing in energy transition infrastructure makes it the right fit to lead the deal. Its portfolio includes waste-to-energy companies Arcwood Environmental, Encyclis Reworld. The firm also acquired a majority stake in Heritage Environmental Services in 2023and a majority stake in waste and recycling software company AMCS in 2024.

Waga uses its proprietary Wagabox RNG technology to purify landfill gas into RNG, which the company says is ideal for small and medium landfills because it can process landfill gas with up to 30% air content. The majority of European landfills where Waga has developed its technology fall into this category, the company said.

Waga has shifted its focus to North America in recent years and has a growing U.S. market share. The company has so far signed 13 projects in the U.S , it said. Some of these signed deals are with Casella, while other completed projects are partnerships with Veolia , Suez and GFL Environmental .

About 79% of the units it has under construction are based in the U.S. , and four of its latest contracts are also based in the U.S. , it reported in March. Waga currently has a total of 50 RNG production units in operation or under construction across Europe and North America . Its commercial pipeline is about 16.8 terawatt hours per year as of April 2025 , up 40% year over year.

Waga went public in October 2021 , and since then, its revenues have grown by about 66% on average per year, the company said. The company reported 2024 revenue of 55.7 million euros and a net loss of 17.6 million euros .

According to the proposed deal, if all legislative and regulatory conditions are met, EQT plans to take the company private by requesting a squeeze-out of remaining shares and then delisting the company.

EQT also noted that the initial share price of 21.55 euros could increase through an earn-out amount of up to 2.15 euros per share based on the aggregate amount of U.S. federal investment tax credits that Waga could monetize related to projects it developed in the country.

Other major public RNG and landfill gas companies have undergone notable sales in the last few years. In 2022, BP completed the $4.1 billion acquisition of Archaea, positioning BP as a major RNG developer for U.S. landfills.

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