Calgary, Alberta--(Newsfile Corp. - July 18, 2023) - Green Impact Partners Inc. (TSXV: GIP) ("GIP" or the "Company") is pleased to announce it has received approval from the Alberta Utilities Commission ("AUC") to construct and operate a 30-MW natural gas-fired cogeneration facility for the Future Energy Park. The cogeneration plant will provide high efficiency steam and electricity to the biofuels facility as part of its integrated operations philosophy.
"We are pleased to receive AUC approval to construct and operate the cogeneration plant for the Future Energy Park, marking yet another significant milestone for the project," said Jesse Douglas, Chief Executive Officer. "This progress is an important step forward in advancing the project towards the start of construction. I also want to acknowledge and thank our regulatory, engineering and development teams for their diligent efforts in making this significant accomplishment possible."
The Future Energy Park is an innovative, biofuels project which is forging a new path between Alberta's energy and agriculture sectors. The project represents an approximate $1.2 billion investment in Alberta and the City of Calgary. Once operational, the facility is expected to produce approximately 35 million MMBtu per year of renewable natural gas, over 300 million litres of ethanol annually, approximately 235,000 tonnes of cattle feed annually, and create carbon credits.
Jesse Douglas added, "Green Impact Partners is also working with the City of Calgary to secure municipal permits and we anticipate starting on-site earthworks activities in the coming weeks."
About the Future Energy Park Project
The project will create approximately 800 jobs over 24 months during construction and 50 jobs during operations.
Once operational, the Future Energy Park will provide annual new, direct revenue of over $150 million to rural wheat producers and income and property tax to the City of Calgary and Province of Alberta.
Green Impact Partners is using local and regional engineering, construction, and environmental firms for the project.
The 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.
For more information on the Future Energy Park visit https://www.greenipi.com/portfolio/future-energy-park/.
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 building, owning and operating a portfolio of RNG facilities, and participates in a wide range of zero-carbon opportunities during all stages of a project's lifecycle - from idea generation through to operations. GIP has a growing portfolio of RNG projects under development, representing over Cdn$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 net zero carbon energy in North America. GIP's shares trade on the TSX Venture Exchange under the symbol GIP. For more information about GIP and its projects, visit www.greenipi.com.
For Further Information
Please contact Nikolaus Kiefer, Chief Investment Officer at (236) 476-3445 or investors@greenipi.com or visit www.greenipi.com.
Cautionary Statements
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", "targets", "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; the ongoing COVID-19 pandemic and related secondary impacts, such as supply chain issues; 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; failure to negotiate and conclude any required commercial agreements; non-performance of agreements in accordance with their terms; 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, and 2022 year end MD&A, which are 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.
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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