Clean Energy (CLNE)

[whassup]

On March 31, 2017, Clean Energy Renewable Fuels, LLC (“Renewables”), an indirect subsidiary of Clean Energy Fuels Corp. (the “Registrant”), completed its sale to BP Products North America, Inc. (“BP”) of certain assets related to the Registrant’s renewable natural gas (“RNG”) business, including two RNG production facilities, a 50% ownership interest in joint ventures formed to develop two new RNG production facilities, and third-party RNG supply contracts (collectively, the “Assets”) (such transaction, the “Asset Sale”).
Upon completion of the Asset Sale, BP paid Renewables $30.0 million in cash and delivered to Renewables a promissory note for $123.5 million that matures on April 3, 2017, and Renewables retained $7.1 million of cash relating to the Assets. BP has also agreed to pay up to an additional $25.0 million in cash over a five-year period, which amount could be paid in whole, in part or not at all, depending on the satisfaction of certain performance conditions related to the Assets. The Registrant expects the net proceeds from the Asset Sale, after deducting costs and other payments associated with the transaction paid or payable by the Registrant or Renewables, to be approximately $150.1 million, and the Registrant intends to use these net proceeds for general working capital, including the payment of its outstanding indebtedness.