Green Impact Partners Receives Final Land Use Approval from the City of Calgary for the Future Energy Park
Calgary, Alberta--(Newsfile Corp. - January 18, 2023) - Green Impact Partners (TSXV: GIP) ("GIP" or the "Company") is pleased to announce the Future Energy Park has received final Land Use approval from the City of Calgary municipal council. The approval lays the groundwork from a local planning perspective and represents a major approval for the project. Located within the City of Calgary, Future Energy Park is a proposed net CO2 negative biofuels facility using non-food grade waste-wheat to produce renewable natural gas ("RNG") and ethanol.
"Working with the Mayor and City Council in achieving this critical path milestone gives us confidence we will be able to break ground in 2023, subject to the receipt of other major approvals," said Jesse Douglas, Chief Executive Officer. "We are thrilled and especially thankful to the City of Calgary for their collaborative and constructive approach. The environmental benefits of this project are matched with significant direct benefits to Calgary and the Province of Alberta through job creation and economic growth in the clean technology sector."
"The Future Energy Park is a big win for Calgary and for the region. It represents a significant investment in our city that integrates the agricultural and energy sectors to produce biofuels locally," said Mayor Jyoti Gondek. "I'm pleased to see Green Impact Partners bring this exciting project to Calgary, contributing to our economic diversification and environmental sustainability goals."
The Future Energy Park is an innovative, clean energy project which is forging a new path between Alberta's energy and agriculture sectors. This project represents an approximate $1.2 billion investment in Alberta and the City of Calgary. Once operational, the facility is expected to produce approximately 3.5 million MMBtu per year of RNG, over 300 million litres of ethanol annually, approximately 235,000 tonnes of cattle feed annually, and create carbon credits.
Subject to receipt of final regulatory approvals, Green Impact Partners is targeting completion in 2025.
About the Future Energy Park Facility
The project will create approximately 800 jobs over 24 months during construction and 50 jobs during operations.
The facility will generate income tax revenue of $50 million per year ($1.2 billion over the first 20 years).
Once operational, the Future Energy Park will provide annual new, direct revenue of over $150 million to rural wheat producers.
Green Impact Partners will be using local engineering, construction, and environmental firms for the project.
The proposed facility is being sited in an industrial area in southeast Calgary and will be constructed and operated on 52 acres of land which has been designated for industrial use.
With a carbon intensity score of -20, the Future Energy Park is expected to be North America's largest carbon negative energy facility.
Future Energy Park - Architectural Rendering
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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 $3 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.
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 news 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.
Certain information and statements contained in this news release constitute forward-looking statements, including: the anticipated production, performance, and capital expenditures in relation to the Company's projects; the expected timing of project construction, milestones and operations; the costs associated with the Company's projects and funding of such costs; expectations regarding future EBITDA; and expectations regarding the receipt of required permits in respect of Future Energy Park and the timing thereof.
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 continued effects of the 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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