RENO, Nev., February 10, 2022 /PRNewswire/ — Greater Commercial Lending (GCL), which lends to businesses and organizations in underserved and rural communities, has nearly completed $73 million in the financing of two facilities in North Carolina that will transform a natural by-product of landfills into renewable natural gas. Funding is guaranteed by the United States Department of Agriculture (USDA).

The Foothills Renewable Energy Project in Caldwell County, North Carolinaand the Upper Piedmont Renewable Energy Project in Person County, North Carolina, are developed by EVENSOL LLC, which develops and acquires assets based on renewable fuels in the biomass, biogas and biofuels sectors. the North Carolina the facilities will sell the renewable natural gas to bp, whose ambition is to become a net zero business by 2050 or sooner and help the world get to net zero.

Construction of the facilities has already begun and construction of the plant is expected to be completed in the third quarter of 2022, with commissioning and operations to follow.

“We are thrilled to help make landfill gas-to-renewable natural gas projects possible that will improve sustainability, and also bring jobs and positive economic activity to two regions of the North Carolina who need a boost,” said Jeremy GilpinExecutive Vice President of GCL.

“EVENSOL is a very experienced group with a successful track record in the development and operation of renewable energy projects. While solar and wind energy are attracting a lot of attention, the biogas niche is a workhorse of the sector. renewable energy and provides a reliable and robust flow of energy,” added Gilpin.

EVENSOL executives pointed out that the availability of USDA-guaranteed credit through GCL has made a significant difference to the projects, both from a business perspective and efficiency.

“From a pure financing perspective, our ability to access a significant portion of the capital required for projects at very competitive rates, from GCL, is a unique advantage for these projects and our investors. From both an operational and a financial perspective, the availability of this type of project finance capital is very important,” said David WentworthPresident and CEO of EVENSOL, based in Sisters, Oregon.

“Renewable natural gas is, by nature, a variable price product. This often makes financing both difficult and expensive. GCL allowed us to take advantage of a stable low interest rate federal program. It’s a huge benefit for The USDA program is a boon for the renewable energy industry, and GCL has helped make the process and requirements very simple. Importantly, this arrangement should be replicable for other projects in the future,” said Benny Bensonpresident of ENERGYneering Solutions, which designs and builds the facilities, and will operate the plants when completed.

The Upper Piedmont and Foothills Renewables projects each focus on capturing landfill gas, which is primarily methane, and converting it into renewable natural gas. These projects have a significant impact on the environment by taking a natural by-product of waste and turning it into energy. Both projects include the development, design, licensing, construction, commissioning and operation of a state-of-the-art renewable natural gas (RNG) facility fueled by landfill gas. Major processing components include: Air Liquide MEDAL membrane systems for CO2 separation, Vilter compressor assemblies, perennial LFG blowers and refrigeration, Guild N2 reject systems, high voltage switchgear, (s) step-up transformer(s) and industrial grade radiators/silencers. These are all housed in and around rigid-framed metal buildings, designed to optimize acoustic attenuation, along with support and auxiliary equipment and gas and electrical interconnection infrastructure.

About the expansion of commercial loans
Greater Commercial Lending (GCL) is a lending organization that brings together credit unions and community lenders from across the United States to provide government-backed loans to businesses and initiatives in rural and underserved markets across the United States. United States and its territories. It helps fund key infrastructure services, such as electricity, renewable energy, transportation and fiber optics, as well as schools, hospitals, restaurants, agriculture, hotels and manufacturers. GCL partners with the United States Small Business Administration (SBA) and United States Department of Agriculture (USDA), which guarantee the loans, to arrange credit on favorable terms. GCL is an affiliate of the Greater Nevada Credit Union (GNCU).

EVENSOL LLC was created to create value for its partners, investors and project counterparties through the selective acquisition and development of energy assets based on renewable fuels, with a particular focus on the biomass, biogas and biofuels in the United States and abroad.

EVENSOL pursues the development and acquisition of renewable energy assets requiring careful attention to technical details, flexibility in the structure of commercial and financial contracts, process challenges, environmental limitations and other factors limiting investors /developers who are not fully integrated into the design and operation of these facilities. EVENSOL’s value proposition is to selectively identify undervalued, distressed and sub-optimal assets, acquire and/or develop these projects and consolidate them into regional operating portfolios with fully integrated internal management controls.

SOURCE More Commercial Loans


About Author

Comments are closed.