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 renewable natural gas (“RNG”) projects.
“With the upcoming commissioning of our GreenGas Colorado facility, the expansion of our Iowa and Future Energy Park projects, and over $2 billion of projects in our growing pipeline, GIP is a leader in North American 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 Feedstock Expansion
Green Impact Partners has secured an additional dairy for the Iowa RNG Project, bringing the total number of dairies to three. Construction is anticipated to start 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 anticipates up to 60% in debt financing. With the addition of the third dairy, Iowa RNG is expected to generate approximately 350,000 MMBtu per year of RNG and a projected run-rate EBITDA of approximately $20 million.
Future Energy Park
Located within 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 an over $1.2 billion capital investment with over $300 million in annual EBITDA. The Company anticipates up to 75% in project level debt financing.
Currently in the later stages of permitting, GIP is also in the process of finalizing all material agreements, including engineering, procurement, and construction (“EPC”), offtake and supply contracts. Recent updates to project design now include over 400,000 tonnes of annual captured CO2 and high-quality protein distillers grain as a revenue stream.
Subject to receipt of regulatory approvals and the close of financing, construction is anticipated to start in early 2023. Once operational, the facility is expected to produce over 3.5 million MMBtu per year of RNG, over 300 million litres of ethanol annually, approximately 235,000 tonnes of high-quality protein distillers grain, capture 400,000 tonnes of clean CO2 and create carbon credits.
GreenGas Colorado Gearing Up for Commissioning
Located in Weld County, Colorado, GreenGas Colorado continues to be on time and on budget. GIP expects commissioning to start in late Summer 2022 with first gas production anticipated before year end. Once operational, the facility is expected to produce more than 360,000 MMBtu per year of RNG and a projected run-rate EBITDA of approximately $25 million.
About Green Impact Partners
Green Impact Partners is focused on creating a sustainable future and inclusive planet by developing clean energy. GIP acquires, develops, and builds 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 during any stage of the project lifecycle – from idea generation through to operations. GIP has a growing portfolio of RNG projects under development, representing over $2 billion in capital expenditures over the next three years. In its pursuit of net zero earth impact, GIP is positioned to be a leading producer of decarbonizing 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 back the impacts of income tax, finance costs, depreciation and amortization to net income (loss) for the period. Net income (loss) 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 EBITDA is an important performance metric that measures normalized recurring cash flows before changes in non-cash working capital.
For further information, please contact Kathy Bolton, Chief Financial Officer at (236) 476-3445 or firstname.lastname@example.org or visit www.greenipi.com.
This news 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, such words as “would”, “will”, “anticipates”, believes”, “explores” and similar expressions, as they relate to GIP, or its management, are intended to identify such forward-looking statements. Such forward-looking statements reflect the current views of GIP with respect to future events, and are subject to certain risks, uncertainties and assumptions. Many factors could cause GIP’s actual results, performance or achievements to be materially different from any expected future results, performance or achievement 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 adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, in Canada and the United States; volatility of prices for energy commodities; change in demand for clean energy to be offered by GIP; competition; lack of availability of qualified personnel; obtaining required approvals of 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 GIP. Forward-looking statements included in this news release should not be read 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 be materially different from those implied by such forward-looking statements.
Readers are encouraged to review and carefully consider the risk factors pertaining 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 www.sedar.com. The forward-looking statements contained in this release are made as of the date of this release, and except as may be expressly be required by law, GIP disclaims any intent, obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
Management of GIP has included the above summary of assumptions and risks related to 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 for other purposes. GIP’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits GIP will derive therefrom.
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