GREEN IMPACT PARTNERS INC. ANNOUNCES THE CLOSE OF ITS CORPORATE CREDIT FACILITY, THE SIGNING OF ANOTHER RNG PROJECT LOCATED IN IOWA, AND A LEADERSHIP UPDATE
VANCOUVER, BC, Jan. 12, 2022 /CNW/ –
Corporate Credit Facility
Green Impact Partners Inc. (“GIP” or the “Company“) is pleased to announce the closing of a $30 million corporate credit facility (the “Credit Facility“) with a Schedule I Canadian bank. The Credit Facility consists of a two-year committed revolving loan to assist with day-to-day operating requirements, with interest only payments until maturity. The Credit Facility is secured by certain assets of the Company and includes customary terms and conditions. The Credit Facility bears interest at a rate of prime + 0.75% to prime + 1.75% based on certain covenants.
With the Credit Facility now in place coupled with the previously announced close of non-recourse project level debt financing for the GreenGas Colorado RNG Project and GIP’s internally generated cash flow forecast for 2022, the Company’s anticipated near-term financial commitments are fully funded. GIP continues to be well positioned to develop and execute on additional planned RNG projects in its portfolio.
Iowa RNG Project
The Company is also pleased to announce the signing of a Letter of Intent for partnership in a dairy RNG project located in Iowa (the “Iowa RNG Project“). The Iowa RNG Project is expected to include three locations and be of similar size, scale, and economics as the GreenGas Colorado RNG Project and is anticipated to generate in the range of 1,000 GJ’s per day of RNG. GIP is currently finalizing binding agreements with construction anticipated to commence later this year.
In addition, Julia Ciccaglione has joined GIP as Vice President, Regulatory & Environment. Julia previously founded Pristine Power Inc. and has held executive leadership and advisory roles in the energy industry including Pristine Power Inc. and Veresen Inc. Julia brings a long track record of success in permitting and development of nearly 1.5 GW in projects across Canada and has over 20 years experience in strategic planning, risk management, regulatory, environmental management, and health & safety.
“GIP’s strategic purpose is to create a sustainable and inclusive world through development of the world’s cleanest energy. We’re thrilled to have Julia’s talent, expertise and leadership as we grow and advance our RNG portfolio. Our most recent developments in our RNG pipeline clearly demonstrate to our investors that we are committed and unyielding in our drive in the short and long term to deliver on our corporate mission and financial deliverables. It is through these strategic partnership opportunities that we believe we are well positioned to effect positive change through market leadership in RNG development. and operation now and in the foreseeable future,” stated Jesse Douglas, CEO and Director.
About Green Impact Partners
GIP is a publicly traded TSXV clean energy company. GIP is focused on leading the transition to a green and sustainable economy through an RNG focused strategy. GIP seeks to be impactful partners in a green, more sustainable future by optimizing late-stage technology to repurpose by-products into clean energy via RNG and other value-added substances.
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 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. 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 ongoing 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 filing statement of GIP dated May 17, 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.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction.
SOURCE Green Impact Partners
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