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Green Impact Partners Provides Update on the Future Energy Park and Reports Third Quarter 2024 Results
Calgary, Alberta--(Newsfile Corp. - November 29, 2024) - Green Impact Partners (TSXV: GIP) ("GIP"...
About this update from Green Impact Partners Inc
[{"type":"text","content":"Green Impact Partners Provides Update on the Future Energy Park and Reports Third Quarter 2024 ResultsCalgary, Alberta--(Newsfile Corp. - November 29, 2024) - Green Impact Partners (TSXV: GIP) (\"GIP\" or the \"Company\") is pleased to provide an update on its flagship project, the Future Energy Park (\"FEP'), and announces its third quarter results for 2024.Future Energy ParkIn July 2024, the Company finalized the pathways to solidify eligibility for environmental credits under the Alberta Technology Innovation and Emissions Reduction (\"TIER\") program for FEP. In addition, as part of ongoing development activities, GIP reached commercial agreement on key terms to sequester the biogenic CO2 from the facility. These were both critical path items within the project schedule. \"While delays related to the Alberta TIER program and sequestration agreements in 2024 impacted the timeline, we based our initial project schedule and guidance on feedback from relevant stakeholders,\" said Jesse Douglas, Chief Executive Officer. \"Given the innovative nature of the FEP project and with this process now behind us, we have a clear path forward. Our focus is on executing remaining commercial and debt processes, positioning us to make our final investment decision in early 2025.\"GIP has completed the Engineering, Procurement and Construction (\"EP&C\") contracts and schedule for FEP. Due to the project's scale and inflationary pressures, updated EP&C costs for FEP are estimated at approximately $1.5 billion. To manage risks and costs effectively, GIP has strategically formed a consortium for the EP&C, dividing the work into two contracts (one for Engineering and Procurement and another for Construction), and continuing to fully wrap the construction, design and performance of the facility. This approach aligns with the Company's commitment to maximize project efficiency and accountability. Additionally, GIP expects to finance FEP with 25% equity and 75% project-level senior and subordinated debt. The facility's estimated annual production includes four million gigajoules of RNG, over 300 million litres of cellulosic equivalent ethanol, approximately 595,000 tonnes of wet distillers' grain, approximately 650,000 tonnes of carbon credits, and approximately 300,000 tonnes of clean, biogenic CO2. Based on updated contract terms and i...