Green impact partners (“gip”) announces increase in colorado rng production capacity and first quarter 2022 results.
Green Impact Partners Inc. (“GIP” or the “Company”) (TSXV: GIP.V) provide an update on its renewable natural gas (“RNG”) development projects and a summary of its first quarter 2022 results.
GreenGas Colorado RNG production update:
The GreenGas Colorado Project is nearing completion on-time and in line with budgets. The Company expects commissioning to begin mid-summer with RNG production to be at full capacity in early 2023.
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Design enhancements completed through the construction process have resulted in an increase in the expected quantity of RNG to greater than 360,000 MMBtu per annum.
Future Energy Park:
GIP continues to advance North America’s largest RNG and net CO2 negative biofuels facility, Future Energy Park (“FEP“), that will use non-food grade wheat to produce RNG and ethanol. Proposed for southeast Calgary, this renewable energy infrastructure development represents a nearly $1.0 billion investment in Alberta and the City of Calgary.
Once operational, FEP is expected to produce approximately 3.5 million MMBtu per annum of RNG, over 300 million litres of ethanol annually, approximately 235,000 tonnes of cattle feed annually and create saleable carbon credits.
Accelerating RNG Portfolio Development:
As previously disclosed, GIP has engaged J.P. Morgan and RBC Capital Markets as lead financial advisors to help accelerate the completion of its near-term RNG portfolio, including the Iowa RNG Project and FEP.
Opportunities may include a non-dilutive strategic investment in any or all of the GreenGas Colorado Project, the Iowa RNG Project or FEP.
A transaction is expected to provide the capital to complete these projects and advance the development of the Company’s remaining portfolio, while still maintaining majority control and significant long-term cash flow accretion for GIP’s shareholders.
Jesse Douglas, Chief Executive Officer, said:
The RNG sector is thriving and we are excited by the opportunity to form an accretive partnership that accelerates execution of our high quality, high impact RNG portfolio.
“From construction, to regulatory, to engineering and design, GIP is on track to achieve major milestones in 2022.”
FINANCIAL HIGHLIGHTS
| (in thousands of dollars) | March 31, 2022Three Months(unaudited) | March 31, 2021Three Months(unaudited) |
| IFRS FINANCIAL MEASURES | ||
| Revenue | 44,787 | 27,788 |
| NON-IFRS MEASURES | ||
| Adjusted EBITDA1 | 1,206 | 1,306 |
1 See Non-IFRS Measures below
Revenue: Revenues increased to $44.8 million for Q1 2022 from $27.8 million in the prior year. $15.0 million of this increase was a result of increased revenue in the existing business due to favorable market conditions. An incremental $2.0 million of revenue was added with the acquisition of the US recycling business in May 2021.
Adjusted EBITDA:
Adjusted EBITDA decreased over the same quarter in the prior year due to lower realized margins primarily as a result of increased input costs.
For a more detailed discussion on GIP’s results for the quarter ended March 31, 2022, please see the Company’s financial statements and management’s discussion & analysis (“MD&A”), which are available at: https://www.greenipi.com/investors/ and on the Company’s SEDAR page at www.sedar.com.
About Green Impact Partners
Green Impact Partners is focused on creating a sustainable future and inclusive planet by developing clean energy, with a near-term focus on RNG projects. GIP acquires, develops, and builds RNG projects, with the intention of owning and operating a portfolio of RNG facilities.
GIP has a growing portfolio of RNG projects under development, representing over $2 billion in anticipated capital expenditures over the next three years. In addition to RNG, we participate in a wide range of zero-carbon opportunities during all stages of the project lifecycle – from idea generation through to operations.
In its pursuit of net zero earth impact, GIP is positioned to be a leading producer of decarbonized 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.
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GREEN IMPACT PARTNERS (“GIP”) ANNOUNCES INCREASE IN COLORADO RNG PRODUCTION CAPACITY AND FIRST QUARTER 2022 RESULTS, VANCOUVER, BC, May 16, 2022
