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Green Impact Partners Initiates Pre-Commissioning of GreenGas Colorado, Advances RNG Portfolio and Announces Second Quarter 2022 Results
Calgary, Alberta--(Newsfile Corp. - August 25, 2022) - Green Impact Partners (TSX: GIP) ("GIP"...
About this update from Green Impact Partners Inc
[{"type":"text","content":"Green Impact Partners Initiates Pre-Commissioning of GreenGas Colorado, Advances RNG Portfolio and Announces Second Quarter 2022 ResultsCalgary, Alberta--(Newsfile Corp. - August 25, 2022) - Green Impact Partners (TSX: GIP) (\"GIP\" or the \"Company\") is pleased to provide an update on its renewable natural gas (\"RNG\") development projects and a summary of its second quarter 2022 results.\"We are pleased to begin our pre-commissioning activities at GreenGas Colorado. Our team has done an incredible job executing the project on time and on budget,\" said Jesse Douglas, Chief Executive Officer. \"Our project level equity process is advancing, and we remain committed to identifying the optimal strategic partnerships to help us accelerate our RNG portfolio. Recent policy developments in North America, including Clean Fuel Standards in Canada and the Inflation Reduction Act in the U.S., are positive catalysts for GIP and our potential partners. With this growing momentum for the RNG sector, we look forward to finalizing our equity process, forging new partnerships, and initiating construction on our near-term RNG project portfolio.\" RNG Project UpdatesPre-Commissioning Begins at GreenGas Colorado GreenGas Colorado continues to be on time and on budget. All major equipment is on site with construction nearing completion. GIP's operations start-up team is in place and the Company has commenced pre-commissioning. First gas production is anticipated before year end 2022. Regulatory Advances for Future Energy Park GIP continues to advance its permits and approvals and the execution of all material agreements for Future Energy Park. The Company is close to finalizing its remaining key contracts, including the engineering, procurement, and construction (\"EPC\") agreement and RNG offtake agreement. Subject to receipt of regulatory approvals and the close of financing, GIP expects to start construction of the project in early 2023. This project is expected to require over $1.2 billion of capital investment, and the Company anticipates funding approximately 75% with project level debt financing. When completed in 2025, Future Energy Park is forecasted to generate over $300 million in annual EBITDA. Iowa RNG Feedstock ExpansionPre-construction activities continue for the Iowa RNG Project including finalizing the engineering and design, adv...