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Greenlane Renewables Announces First Deployment of Development Capital for Renewable Natural Gas Project
Greenlane Renewables Announces First Deployment of Development Capital for Renewable Natu...
About this update from Greenlane Renewables Inc.
[{"type":"text","content":"\n \n \n \n Greenlane Renewables Announces First Deployment of Development Capital for Renewable Natural Gas Project\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n ~Convertible loan provided to a  development company focused on dairy cluster RNG projects in California~\n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n June 2, 2022\n \n \n /CNW/ - Greenlane Renewables Inc. (\"Greenlane\") (TSX: GRN) (FSE: 52G) through its subsidiary, Greenlane Renewables Capital Inc., is pleased to announce its first deployment of development capital to a company focused on developing renewable natural gas (\"RNG\") projects in\n \n California\n \n , based on the dairy cluster model.\n \n \n \n \n \n \n \n \n \n Greenlane is deploying pre-construction development capital in the form of a convertible note loan agreement with funds to be advanced on a milestone achievement basis up to\n \n US$0.9 million\n \n . The funds will be used to progress the development company's dairy cluster project to construction financing, expected in Q4 2022, as well as to advance  their pipeline of project development opportunities. Under the terms of the loan agreement, Greenlane has the option to convert the note into an equity interest in the development company in addition to realizing a return of capital.\n \n \n For background, in a dairy cluster project, a digester and biogas upgrading system is installed at a host farm to which manure is transported from other farms nearby. The initial project planned by the development company is located in\n \n California\n \n and is estimated to generate over 80,000 MMBtu annually using a Greenlane-supplied biogas upgrading system.  Project revenue is expected to be generated from the sale of D3 Renewable Identification Numbers (D3 RINs) under the US Renewable Fuel Standard (RFS) program, credits under\n \n California's\n \n Low Carbon Fuel Standard (LCFS) program, and physical gas commodity. The total project capital expenditure to be provided by third parties is expe...