EverGen Achieves Another Milestone Signing Term Sheet for Offtake Agreement at Fraser Valley Biogas
Proposed agreement for up to 190,000 GJ of RNG annually from EverGen’s Fraser Valley Biogas Facility
Supports fully funded Core RNG Expansion project expected to double RNG production capacity marking another step towards EverGen’s goal of 1,000,000 GJ of RNG annually
VANCOUVER, BRITISH COLUMBIA, September 27, 2022 – EverGen Infrastructure Corp. (“EverGen” or the “Company”) (TSXV: EVGN) (OTCQX: EVGIF), is pleased to announce that its wholly owned subsidiary Fraser Valley Biogas Ltd. (“FVB”) has signed a term sheet for a long term offtake agreement (the “Proposed Agreement”). The Proposed Agreement is expected to cover the purchase of up to 190,000 gigajoules of RNG annually from FVB, which accounts for existing and incremental RNG volumes expected from the facility post-completion of this Core RNG expansion project. This agreement would replace the existing RNG offtake agreement that is approaching the end of the original term in an environment where current market pricing is significantly stronger than when the facility originally commenced.
This milestone supports EverGen’s fully funded Core RNG expansion project at FVB expected to double the RNG production of the facility to ~160,000 GJ per year. The expansion project will commence construction later this month with anticipated completion in Q1 2023. This is another step towards EverGen’s goal of 1,000,000 GJ of RNG annually from our core RNG expansion and development project portfolio.
"This marks another key milestone for EverGen and underpins our expansion at Fraser Valley Biogas.” said Chase Edgelow, CEO of EverGen. "Our Core RNG expansion projects are fully funded to deliver RNG production of nearly half a million GJ annually, using a solution that captures greenhouse gases to supply low-carbon energy, supporting the energy transition.”
Fraser Valley Biogas, located in Abbotsford, BC, has been in operation since 2011 and is the original producing RNG project in Western Canada. The facility combines anaerobic digestion and biogas upgrading to produce RNG, primarily by converting agricultural waste from local dairy farms.
About EverGen Infrastructure Corp.
EverGen, Canada’s Renewable Natural Gas Infrastructure Platform, is combating climate change and helping communities contribute to a sustainable future. Headquartered on the West Coast of Canada, EverGen is an established independent renewable energy producer which 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 Infrastructure Corp. and our projects, please visit www.evergeninfra.com.
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