EVENSOL secures $73m to develop two RNG facilities
Greater Commercial Lending (GCL), a company that provides loans to businesses in under-served and rural communities, completed close to $73 million (€64.1 million) in financing for the two facilities, to be built in North Carolina.
The Foothills Renewables Project in Caldwell County and the Upper Piedmont Renewables Project in Person County will convert landfill gas to RNG. Once complete, the facilities will sell the RNG to bp, whose ambition is to become a net-zero company by 2050 or sooner.
“We are delighted to be helping make possible landfill gas-to-RNG projects that will enhance sustainability and also bring jobs and positive economic activity to two regions in North Carolina that need the boost,” said Jeremy Gilpin, executive vice-president of GCL.
“EVENSOL is a highly experienced group with a track record in successful renewable energy project development and operations. While solar and wind energy get a lot of attention, the biogas niche is a workhorse of the renewables sector and provides a reliable and solid flow of energy.”
EVENSOL said the availability of US Department of Agriculture guaranteed credit via GCL has made an important difference for the projects, from business and efficiency standpoints.
David Wentworth, president and CEO at EVENSOL, based in Oregon, commented: “From a pure financing perspective, our ability to access a significant portion of the projects’ required capital at very competitive rates from GCL is a unique benefit for these projects and our investors.
“From both an operational and financial perspective, the availability of this type of project financing is very important.”
Construction of the plants has already begun and construction is expected to be complete by the third quarter of this year, with commissioning and operations to follow.