OPAL Fuels Secures New Preferred Equity and Debt Financing

OPAL Fuels ( (OPAL) ) just unveiled an announcement.

On March 6, 2026, OPAL Fuels LLC entered into a subscription agreement with Preferred Fuels LLC, an affiliate of majority shareholder Fortistar, for a preferred equity facility of up to $180 million in Series A preferred units. At the initial closing the investor purchased $120 million of units, with a further $60 million available at OPAL Fuels’ discretion, and the units carry a 12% annual preferred distribution with partial payment-in-kind flexibility.

Roughly $100 million of the initial proceeds were used to fully redeem Series A preferred units previously held by NextEra Energy subsidiary Mendocino Capital, simplifying OPAL Fuels’ capital structure and reallocating ownership toward Fortistar. Remaining proceeds and future draws are earmarked for general corporate purposes and to fund new RNG projects and fueling infrastructure, while amended terms give investors enhanced redemption rights and, if redemptions are not honored, the ability to appoint a director, tightening financial discipline and governance around the preferred capital.

Separately, OPAL Fuels Intermediate HoldCo LLC drew down about $128.4 million under its existing credit and guarantee facility before the delayed draw period expired, using part of the funds to repay approximately $20 million on its revolving loan. The combination of the preferred equity raise and incremental debt draw bolsters the company’s liquidity for project development and balance sheet management, potentially supporting OPAL Fuels’ growth plans in the RNG and clean fuels markets while increasing fixed obligations to preferred holders and lenders.

The most recent analyst rating on (OPAL) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on OPAL Fuels stock, see the OPAL Stock Forecast page.

Spark’s Take on OPAL Stock

According to Spark, TipRanks’ AI Analyst, OPAL is a Neutral.

The score is held back primarily by weak financial performance (revenue decline, margin pressure, negative EBIT, negative free cash flow) and an expensive valuation (very high P/E). Offsetting factors include a steadier technical picture and a mixed-but-constructive earnings call highlighting strong RNG production growth, project expansion, and solid liquidity despite RIN-price and regulatory headwinds.

To see Spark’s full report on OPAL stock, click here.

More about OPAL Fuels

OPAL Fuels Inc., listed on Nasdaq as OPAL, operates in the renewable energy sector, specializing in the capture and conversion of biogas into low carbon intensity renewable natural gas (RNG) and renewable electricity. The company also focuses on marketing and distributing RNG to heavy-duty trucking and other hard-to-decarbonize industrial sectors across North America, targeting the reduction of harmful methane emissions.

Through this integrated model, OPAL Fuels positions itself as both a producer and distributor of clean fuels, building fueling infrastructure and RNG projects that support the transition of heavy-duty transportation and industry away from fossil fuels. Its strategy is centered on leveraging biogas resources, project development and long-term offtake relationships to decarbonize key segments of the economy while expanding its asset base and revenue streams.

Average Trading Volume: 274,462

Technical Sentiment Signal: Strong Sell

Current Market Cap: $367.6M

For a thorough assessment of OPAL stock, go to TipRanks’ Stock Analysis page.