Fiera Infrastructure Private Debt provides C$60M financing for Generate Upcycle’s North American aerobic digestion portfolio

On October 20, 2025, Fiera Infrastructure Private Debt and Generate Capital, PBC (“Generate”) announced the closing of a C$60 million (US$43 million) financing for Generate Upcycle’s (“Upcycle”) North American anaerobic digestion portfolio. The portfolio, which includes five upgraded renewable natural gas assets across Ontario, Canada and Upstate New York, is expected to deliver approximately 1 million GJ per year of renewable natural gas production capacity once fully ramped.

Fiera Infrastructure Private Debt is a division of Fiera Private Debt Inc., which is a subsidiary of Fiera Capital Corporation. Fiera Infrastructure Private Debt directly sources and structures private debt investments across a diverse mix of North American infrastructure sectors. 

Generate is a multi-strategy infrastructure investment firm that builds, owns, and operates critical infrastructure. Upcycle, a wholly owned subsidiary of Generate, is a renewable natural gas and electricity production platform providing integrated organic waste solutions to public and private partners across Canada, the United States and the United Kingdom. 

McCarthy Tétrault LLP advised Fiera with a team led by Lynn Parsons and Jacob Stone that included Alexandre Saulnier-Marceau, Angela Oh, Krista Trescher (Financial Services), Kerri Howard (Energy), Ted Cox, Sarah Murphy, Jaskirt McDonald (Real Property) and Elisa Laxer (Construction).