- EverGen reveals Q2 2022 financials and key growth milestones for expansion across Canada
- Company acquired a 50% interest in Project Radius and a 67% interest in GrowTEC; agreed term sheet for CAD$31 million Senior Term Loan Facility with lenders Roynat and EDC
- EverGen remains primed for a catalyst-rich second half of 2022; appears on track to boost RNG production to satisfy Canada’s swelling demand as consumers flock to the renewable natural gas space
“We have positioned EverGen as a leading RNG platform with a core operating portfolio and pipeline of projects in Canada set to deliver significant RNG volumes and accelerate the energy transition,” were the words of Chase Edgelow, CEO of EverGen Infrastructure (TSX.V: EVGN) (OTCQX: EVGIF) as the company reported financial results as at and for the three- and six-month periods ended June 30, 2022 (https://ibn.fm/CboZ3). Second quarter updates and highlights include milestones such as expansion across Canada, where the company now boasts a presence in three of the country’s four largest jurisdictions for RNG.
Remaining laser-focused on its commitment to cater to the ballooning demand for renewable natural gas, EverGen has continued to execute its rapid growth strategy in Q2 2022. As a result, the company acquired a 50% interest in a portfolio of RNG development projects in Ontario called Project Radius – a strategic move that marks its inroad into Eastern Canada after establishing a notable RNG foothold in Western Canada. The construction of this late-stage portfolio of three high-quality, on-farm RNG projects with the combined capacity to produce approximately 1.7 million GJ/year of RNG is expected to continue throughout 2023 and 2024 (https://ibn.fm/5B9iA).
Following the acquisition of Project Radius, the company acquired a 67% interest in Alberta’s Grow the Energy Circle Ltd. (“GrowTEC”), a sustainable agriculture venture centered around a farm-scale biogas facility that converts biodegradable waste into biogas and generates renewable power. The project is currently in the first phase of a core RNG expansion expected to be completed in Q4 2022. EverGen will work with GrowTEC to expand facilities this year to process the biogas and upgrade it to RNG to be fed into the local pipeline network. With an offtake agreement secured with FortisBC, this project appears well positioned to reap the benefits from a long-term purchasing agreement with British Columbia’s largest energy provider. Offtakes are often key to ensuring that producers have guaranteed buyers for their future products and to helping them have better access to finance (https://ibn.fm/Mx07m).
EverGen’s growth aspirations continued to achieve external validation throughout Q2 with new financing arrangements that ensure full funding of its near-term Core RNG Expansion Projects. The company signed a term sheet with Scotiabank’s subsidiary Roynat Capital and Export Development Canada for a $31 million syndicated senior term loan to support the funding of its Fraser Valley Biogas and Net Zero Waste Abbotsford projects.
With an increasing number of consumers seeking RNG solutions in a bid to mitigate their carbon footprint, Chase is beaming with optimism about the company’s prospects for the rest of the year. “Having achieved key milestones in our core expansion projects, we have a clear path to deliver increased RNG production in excess of 2 million GJ per year and are primed for a catalyst-rich second half of 2022.”, he said as he revealed the company’s lofty goals for the future.
For more information, visit the company’s website at www.EvergenInfra.com.
NOTE TO INVESTORS: The latest news and updates relating to EVGIF are available in the company’s newsroom at https://ibn.fm/EVGIF
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