Business
Green Impact Partners Announces Purchase of Minority Partner's Interest in GreenGas Colorado
Calgary, Alberta--(Newsfile Corp. - February 19, 2023) - Green Impact Partners Inc. (TSXV: GIP) (...
About this update from Green Impact Partners Inc
[{"type":"text","content":"Green Impact Partners Announces Purchase of Minority Partner's Interest in GreenGas ColoradoCalgary, Alberta--(Newsfile Corp. - February 19, 2023) - Green Impact Partners Inc. (TSXV: GIP) (\"GIP\" or the \"Company\") is pleased to announce it has closed into escrow the purchase of all of the partnership units of GreenGas Colorado, LLC (\"GreenGas\") held by its minority partner, Advanced Renewables Colorado, LLC (\"ARC\"), for approximately US$11.2 million. The escrowed documentation will be released and closing completed upon GIP's bank advancing the purchase proceeds under the bridge facility described below, which is anticipated to occur on February 21, 2023. ARC's partnership units in GreenGas provided them with a carried interest that increased over time as GIP reached certain return thresholds for the life of the facility. GIP, through its wholly owned subsidiary, will, on closing, hold the rights to all of GreenGas' distributable cash. The transaction will be funded with cash from the Company's corporate facility, which is being amended to include an approximately $15 million bridge facility.Commissioning is well underway in Colorado, with first gas production imminent at the GreenGas Colorado facility. To allow for a ramp-up period to full capacity, the facility is expected to generate 180,000 MMBtu of RNG for the balance of 2023, growing to over 360,000 MMBtu in run-rate production by year end 2023.\"With our GreenGas Colorado facility nearing completion, I want to thank our development partners, ARC, for their vision and diligence in advancing our projects with us,\" said Jesse Douglas, Chief Executive Officer. About Green Impact Partners Green Impact Partners is focused on creating a more sustainable future and inclusive planet by developing clean energy. GIP acquires, develops, and builds RNG and clean bio-energy projects, with the intention of building, owning, and operating a portfolio of producing facilities, and participates in a wide range of zero-carbon opportunities during every stage of the project lifecycle - from idea generation through to operations. GIP has a growing portfolio of RNG and clean bio-energy 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 decarboni...