EverGen (TSX.V: EVGN) (OTCQB: EVGIF), Canada’s renewable natural gas (“RNG”) infrastructure platform, has signed a term sheet with its existing lender, Roynat Capital and Export Development Canada (“EDC”) for a $31 million syndicated senior term loan. The proposed facility is a five-year, senior term loan with a 10-year amortization period and interest-only payments for the first 12 months. Upon approval, $15 million will finance the Fraser Valley Biogas (“FVB”) RNG expansion project and the remaining $16 million will support the Net Zero Abbotsford (“NZWA”) RNG Expansion Project. According to the announcement, FVB is the original producing RNG project in Western Canada and is also the first project to produce RNG into FortisBC’s network. The facility combines anaerobic digestion and biogas upgrading to produce RNG, primarily by converting agricultural waste from local dairy farms. NZWA is an organic-waste conversion facility in British Columbia that mostly processes inbound organics, yard waste and biosolids for a fee; the facility also produces high-quality organic compost and soils for farmers, gardeners and developers. The company also reported an update on its GrowTEC RNG expansion project in Alberta and its Project Radius in Ontario. “The facility is an integral component to EverGen’s capital structure as we embark on our planned upgrade and expansion projects, and we are very pleased to have the support of high-quality debt partners in Roynat and EDC,” said EverGen CEO Chase Edgelow in the press release. “This facility ensures our near-term core RNG expansion projects are fully funded to deliver 480,000 GJ of RNG annually and compliments our strong balance sheet, positive cash flow and anticipated grant funding available to EverGen. This incremental liquidity and financial flexibility is fundamental as we continue to expand our RNG infrastructure platform across Canada. This milestone builds upon our team’s recent execution success including the addition of our Alberta and Ontario projects (GrowTEC and Project Radius) — delivering accretive growth to our shareholders.”
To view the full press release, visit https://nnw.fm/C6CaY
About EverGen Infrastructure Corp.
EverGen, Canada’s renewable natural gas infrastructure platform, is combating climate change and helping communities contribute to a sustainable future. EverGen is an established independent renewable energy producer that acquires, develops, builds, owns and operates a portfolio of renewable natural gas, waste-to-energy and related infrastructure projects. EverGen is focused on Canada, with continued growth expected across other regions in North America and beyond. For more information about EverGen and its products, visit www.EverGenInfra.com.
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