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) ("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 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.
Please contact Kathy Bolton, Chief Financial Officer at (236) 476-3445 or email@example.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", "expects", "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 and performance of the GreenGas Colorado facility and the timing thereof.
The forwarding-looking statements are based on certain assumptions that GIP has made in respect thereof as at the date of this news release regarding, among other things: that GIP's bank will advance the purchase proceeds under the bridge facility so that the transaction can come into effect; that all required regulatory approvals can be obtained or maintained on the necessary terms and in a timely manner, as applicable; that counterparties to the Company's agreements and contracts will comply with the terms thereof in a timely manner; that there are no unforeseen events preventing the performance of contracts; and that there are no unforeseen material costs relating to the imminent first gas production at the GreenGas Colorado facility.
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; and certain other risks and uncertainties detailed in GIP's Management's Discussion and Analysis dated April 20, 2022 for the years ended December 31, 2021 and 2020 and from time to time in GIP's public disclosure documents available under the Company's profile on www.sedar.com.
The forward-looking statements contained in this news release are made as of the date of this release, and except as may be expressly 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. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Management of GIP has included the above summary of assumptions and risks related to forward-looking statements provided in this news 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.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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