Gevo Bond Financing

Evolution Infrastructure is proud to have acted as model auditor to Gevo on the issuance of USD 40 million tax-exempt private activity bonds (the “2025 Bonds”) by the Iowa Finance Authority, the proceeds of which were used to refinance a portion of Gevo’s existing renewable natural gas (RNG) project bonds.

The transaction refinanced USD 40 million of the Series 2021 Iowa Finance Authority Solid Waste Facility Revenue Bonds (Green Bonds), which were originally issued in the aggregate principal amount of USD 68.2 million and secured by a letter of credit. This refinancing enabled Gevo to release USD 40 million of restricted cash, improving balance sheet liquidity by approximately USD 30 million after transaction costs and reserves.

The bonds support Gevo NW Iowa RNG, LLC, which generates renewable natural gas by capturing biogas from dairy farm manure using anaerobic digesters, refining it into a low-carbon fuel, and selling it into California’s transportation market. In March 2025, Gevo RNG received California Air Resources Board certification of a carbon intensity score of -339 gCO2e/MJ, making it one of the lowest carbon intensity fuels certified under the Low Carbon Fuel Standard. On this basis, the project is expected to deliver upwards of 175,000 metric tonnes of annual greenhouse gas reductions.

Hamish Tulloch, Partner at Evolution Infrastructure said:

“We were pleased to support Gevo on this important refinancing of its RNG bonds. The transaction delivers meaningful liquidity benefits to Gevo while supporting the continued expansion of its renewable natural gas platform.”

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