GIP signs definitive agreements for dairy RNG project in Iowa
March 31, 2022
BY Green Impact Partners
Green Impact Partners is pleased to announce the signing of definitive agreements for its partnership in a dairy renewable natural gas (RNG) project located in Iowa. The Iowa RNG Project has secured long-term feedstock agreements with two dairies located in close proximity, and is expected to generate approximately 800 MMBtu per day of RNG. GIP is working to advance the final engineering, design and capital budget, as well as securing material permits, approvals, and financing. The Iowa RNG Project is similar in scope to GIP's RNG project located in Weld County, Colorado.
Later this year GIP anticipates an expansion to the Iowa RNG Project to include two additional sites, which will nearly double the size of the project. The company expects to provide a further project update in the second quarter of 2022, including final size, capital costs and construction timeline. Construction is anticipated to start in the second half of 2022 and RNG production commencing in late 2023.
"As we move towards a final investment decision of another RNG project later this year, we are on our way to reach our target of Cdn$1.5 billion in projects sanctioned by 2023," said Jesse Douglas, CEO. "We have ambitious growth plans with sector leading feedstock, technology, partners and projects within the RNG space, delivering a path to significant environmental, social and financial gains. GIP is committed to providing innovative solutions where RNG will play an integral role in near term and future decarbonization."
The Iowa RNG Project is expected to be similar in size and scale, design and technology to the GreenGas Colorado Project, which continues to be on budget and schedule, with commissioning starting in July 2022 and $19 million to $21 million in annual EBITDA at full operation. The Iowa RNG Project will deliver its RNG into the California Low Carbon Fuel Standard (LCFS) and renewable identification number (RIN) markets with similar economics.
With robust project partnerships and debt, GIP does not anticipate the need to access the public market for any corporate equity to complete its growing current project pipeline of over $2 billion.
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Rebranding initiative
Today, Green Impact Partners launched a bold new visual identity which better reflects GIP's purpose and inspires action. In approaching this branding initiative, the new visual identity needed to embody the Company's commitment to equality, diversity, and the circular economy and a continued push to advance the future of decarbonization and energy.
Jesse Douglas added, "As we developed our new identity, it became clear that our aspirational and unique company vision, with an exceptional commitment to a clean and inclusive world, needed to magically shine through. I couldn't be more pleased with the result – a sophisticated, confident, trustworthy brand identity that we will proudly display on our world leading facilities for years to come."
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In April, Green Impact Partners will also be launching a new website as a central resource for engaging with partners, investors and employees.
2021 year end results release
GIP will be releasing its 2021 year end financial results on April 22, 2022 with quarterly and annual results in line with consensus estimates, continuing the Company's track record of positive EBITDA and growth.
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