Green Impact Partners Announces Significant Expansion of North American RNG Projects
Calgary, Alberta–(Newsfile Corp. – July 12, 2022) – Green Impact Partners (TSXV: GIP) (“GIP” or the “Company”) is pleased to provide an update on three of its advanced natural gas solutions Renewable (“RNG”) projects.
“With the upcoming commissioning of our GreenGas Colorado facility, the expansion of our Iowa and Future Energy Park projects, and more than $2 billion of projects in our growing pipeline, GIP is a North American leader in clean energy and scalable RNG,” said Jesse Douglas. , Chief executive officer. “Our best-in-class team has ensured that GIP is on track to achieve key milestones in 2022 and beyond to advance our high-quality growth portfolio. Our projects continue to be on time and on budget, adding accretive growth to the company. »
RNG Project Updates
Iowa RNG Commodity Expansion
Green Impact Partners secured an additional dairy for the Iowa RNG project, bringing the total number of dairies to three. Construction is expected to begin in late 2022, with RNG production commencing in late 2023 or early 2024. Capital costs are expected to be approximately $100 million, and the Company expects up to 60% debt financing. With the addition of the third dairy, Iowa RNG is expected to generate approximately 350,000 MMBtu per year of RNG and an expected EBITDA of approximately $20 million.
Future Energy Park
Located in the City of Calgary, Future Energy Park is a proposed net CO2 negative biofuels facility using non-food grade wheat to produce RNG and ethanol. Future Energy Park represents a capital investment of over $1.2 billion with over $300 million in annual EBITDA. The Company provides up to 75% debt financing at the project level.
Currently in the final stages of obtaining permits, GIP is also in the process of finalizing all material agreements, including engineering, procurement and construction (“EPC”), offtake and supply contracts. . Recent project design updates now include over 400,000 tonnes of CO captured annually2 and high quality protein distillers grain as a source of income.
Subject to receipt of regulatory approvals and closing of financing, construction is expected to begin in early 2023. Once operational, the facility is expected to produce over 3.5 million MMBtu per year of RNG, over 300 million liters of ethanol per year, or approximately 235,000 tonnes of high-quality protein distillers grain, captures 400,000 tonnes of clean CO2 and create carbon credits.
GreenGas Colorado prepares for commissioning
Located in Weld County, Colorado, GreenGas Colorado continues to deliver on time and on budget. GIP expects commissioning to begin in late summer 2022 with first gas production expected before the end of the year. Once operational, the facility is expected to produce over 360,000 MMBtu per year of RNG and an expected EBITDA of approximately $25 million.
About Green Impact Partners
Green Impact Partners is focused on creating a sustainable future and an inclusive planet by developing clean energy. GIP acquires, develops and constructs RNG projects, with the intention of building, owning and operating a portfolio of RNG facilities, and participates in a wide range of zero-carbon opportunities at all stages of the life cycle of the project – from idea generation to operations. GIP has a growing portfolio of RNG projects in development, representing over $2 billion in capital expenditures over the next three years. In its pursuit of net zero impact on the earth, GIP is positioning itself to be a leading producer of carbon-free energy in North America. GIP’s shares trade on the TSX Venture Exchange under the symbol GIP.V. For more information about GIP and its projects, visit www.greenipi.com.
EBITDA is defined as earnings before interest, taxes, depreciation and amortization. EBITDA is a non-IFRS measure calculated by adding the impacts of income taxes, finance charges, depreciation and amortization to net income (loss) for the period. Net income is the most directly comparable IFRS financial measure. EBITDA does not have a standardized meaning prescribed by IFRS and is not necessarily comparable to similar measures provided by other issuers. Management believes that EBITDA is an important performance measure that measures normalized recurring cash flow before changes in non-cash working capital.
For more information, please contact Kathy Bolton, Chief Financial Officer at (236) 476-3445 or [email protected] or visit www.greenipi.com.
This press release contains forward-looking statements and/or forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable securities laws. When used in this release, words such as “would”, “shall”, “anticipate”, “believe”, “explore” and similar expressions, with respect to GIP or its management, are intended to identify such forward-looking statements. . These forward-looking statements reflect GIP’s current beliefs with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements of GIP to be materially different from any expected future results, performance or achievements that may be expressed or implied by such forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to: the impact of general economic conditions in Canada and the United States, including the ongoing COVID-19 pandemic; industry conditions, including changes in laws and regulations and/or the adoption of new environmental laws and regulations and changes in their interpretation and application, in Canada and the United States; the volatility of energy commodity prices; evolution of the demand for clean energy to be proposed by the GIP; competition; lack of availability of qualified personnel; obtain required approvals from regulatory authorities, in Canada and the United States; ability to access sufficient capital from internal and external sources; many of which are beyond the control of the GIP. Forward-looking statements included in this press release should not be construed as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those implied by such forward-looking statements.
Readers are encouraged to review and carefully consider the risk factors relating to GIP described in the Company’s Annual MD&A for the year ended December 31, 2021, which is accessible on GIP’s SEDAR issuer profile at the address www.sedar.com. The forward-looking statements contained in this release are made as of the date of this release, and except as expressly required by law, GIP disclaims any intention, obligation or undertaking to publicly release updates or revisions to any forward-looking material. statements contained herein, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
GIP’s management has included the above summary of the assumptions and risks associated with the forward-looking statements provided in this release in order to provide shareholders with a more complete perspective on GIP’s current and future operations and such information may not be appropriate to other purposes. The actual results, performance or achievements of GIP could differ materially from those expressed or implied by such forward-looking statements and, therefore, no assurance can be given that any of the events anticipated by the forward-looking statements will or will occur. , or if any of them do, what benefits GIP will get.
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