Transaction overview
Rivage Investment has participated in the financing round of Verdalia Bioenergy, a leading independent biomethane group in Southern Europe, for €671 million (approximately $846 million). The deal was announced and closed on October 1, 2025. This is Rivage's first transaction in the biomethane sector, underscoring its commitment to supporting infrastructure that contributes to the European energy transition.
Verdalia Bioenergy operates across Spain and Italy, focusing on the production of renewable biomethane from organic waste and agricultural residues. The company’s portfolio includes multiple projects with a total production capacity exceeding 3 TWh per year. This financing will support Verdalia's plans for constructing new biomethane plants and acquiring additional assets in both countries.
Deal structure and financing
The €671 million financing round was led by Rivage Investment, which participated alongside a consortium of leading international banks and institutional investors. The exact equity/debt split has not been disclosed, but the total capital to be deployed across Verdalia's portfolio is expected to exceed €1 billion over the next four years.
No specific details have been provided on whether any seller retained stake in the transaction or lock-up terms for existing shareholders. However, given Rivage Investment’s role as a strategic investor focused on energy transition infrastructure, it is likely that they will maintain significant influence and oversight of Verdalia's operations during this growth phase.
Strategic context
Rivage Investment's participation in Verdalia Bioenergy's financing round reflects the growing importance of renewable biomethane projects in Europe. The €671 million investment aims to support Verdalia’s expansion plans, including the construction of new plants and targeted acquisitions across Spain and Italy. This strategic move enables Verdalia to accelerate its growth trajectory and solidify its position as a leader in the Southern European biomethane sector.
Verdalia Bioenergy's rationale for securing this financing includes the need to fund ambitious infrastructure projects that will significantly enhance its production capacity. With an estimated 3 TWh per year of total production, Verdalia is poised to play a crucial role in diversifying energy supply and reducing reliance on fossil fuels in Spain and Italy.
Valuation-wise, while specific multiples or valuation metrics were not disclosed, the €671 million financing round aligns with recent trends in European renewable energy investments. Notable comparable transactions include the €500 million equity injection into Biogas Europa AG in 2024, highlighting a strong trend towards significant capital deployment in this sector.
Regulatory path
The regulatory review for Rivage Investment’s participation in Verdalia Bioenergy's financing round involved oversight from both Spanish and Italian competition authorities due to the transaction’s impact on energy markets in these jurisdictions. Given that no specific remedies were required, it suggests that Verdalia's expansion plans are viewed as competitive rather than anti-competitive.
The deal was likely subject to HSR filings with the European Commission under EU merger control rules, though exact dates have not been disclosed. The regulatory timeline indicated a seamless process without significant delays or conditions imposed by regulators, reflecting the transaction’s alignment with existing competition and energy policies in Southern Europe.