SCHEDULE: NextEra Subsidiary Seeks Redemption of OPAL Fuels Preferred Units

NextEra Energy's subsidiary, Mendocino Capital, LLC, has initiated the redemption of its 1,000,000 Series A Preferred Units in OPAL Fuels LLC.

Summary

• NextEra Energy Inc., through its wholly-owned subsidiary Mendocino Capital, LLC, beneficially owns 2,158,547 shares of OPAL Fuels Inc. Class A Common Stock.
• This represents 7.4% of OPAL Fuels Inc.'s Class A Common Stock outstanding, based on 28,996,177 shares as of November 7, 2025.
• Mendocino Capital, LLC also directly owns 1,000,000 Series A Preferred Units of Opal Fuels LLC, an entity holding substantially all of OPAL Fuels Inc.'s consolidated assets.
• On December 3, 2025, Mendocino Capital, LLC provided written notice to Opal Fuels LLC requesting the redemption of all 1,000,000 Series A Preferred Units within 90 days.
• The filing updates previous disclosures, confirming no criminal or civil proceedings against NextEra Energy or its related parties in the last five years.

Sentiment

Score: 5

Explanation: The filing is largely procedural, reporting a contractual redemption request. While it represents a change in investment structure, it doesn't inherently convey strong positive or negative sentiment about the underlying business performance of OPAL Fuels Inc. without further context on the redemption terms or reasons.

Future Outlook

The filing does not provide specific forward-looking statements or guidance beyond the redemption request for the Series A Preferred Units, which is expected to be completed within 90 days.

Management Comments

• Mark Hickson, Executive Vice President, Corporate Development and Strategy of NextEra Energy Inc., and President of Mendocino Capital, LLC, certified the information set forth in the statement.

Industry Context

This filing reflects a strategic adjustment by NextEra Energy, a major player in the energy sector, regarding its investment in OPAL Fuels, a company focused on renewable natural gas. The redemption of preferred units could signal a re-evaluation of the investment structure or a move to optimize capital allocation within NextEra's portfolio, potentially impacting OPAL Fuels' capital structure or future strategic partnerships.

Related Party Transactions

• Mendocino Capital, LLC, a wholly-owned subsidiary of NextEra Energy, Inc., is a party to the limited liability company agreement of Opal Fuels LLC, which sets forth rights and obligations regarding the Series A Preferred Units.

Stakeholder Impact

• Shareholders of OPAL Fuels Inc. may see a change in the company's capital structure as the Series A Preferred Units are redeemed, potentially affecting future financing strategies or ownership dilution if new capital is raised to fund the redemption.
• NextEra Energy Inc. will adjust its investment in OPAL Fuels Inc. by converting its preferred unit holding into cash, which could be reallocated to other strategic investments.

Next Steps

• Opal Fuels LLC is expected to redeem all 1,000,000 Series A Preferred Units held by Mendocino Capital, LLC no later than 90 days after December 3, 2025.

Key Dates

Recommendation

The filing indicates a significant investor, NextEra Energy, is redeeming its preferred units in OPAL Fuels. While this is a contractual right, it warrants a 'hold' recommendation as it introduces uncertainty regarding OPAL Fuels' capital structure and NextEra's long-term strategic involvement. Investors should monitor the terms of the redemption and any subsequent announcements from OPAL Fuels regarding its financing plans before making further investment decisions. The beneficial ownership of common stock remains, but the preferred unit redemption suggests a shift in the nature of the investment.

Keywords

OPAL Fuels Inc., NextEra Energy Inc., Mendocino Capital LLC, Schedule 13D/A, Preferred Units Redemption, Class A Common Stock, Beneficial Ownership, SEC Filing, Renewable Natural Gas