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SusGlobal Energy Announces $5.5 Million Credit Facility With PACE Credit Union
Feb. 06, 2017 09:32AM PST
Cleantech InvestingSusGlobal Energy is pleased to announce that it has entered into an agreement for a Corporate Line of Credit of CAD$5,500,000 with PACE Savings & Credit Union Limited. As quoted in the press release: The Line of Credit facility will be advanced in tranches to allow for the funding of engineering, permitting, construction costs and …
SusGlobal Energy is pleased to announce that it has entered into an agreement for a Corporate Line of Credit of CAD$5,500,000 with PACE Savings & Credit Union Limited.
As quoted in the press release:
The Line of Credit facility will be advanced in tranches to allow for the funding of engineering, permitting, construction costs and equipment purchases for the Georgian Bluffs BioGrid Digester Expansion and Operation Project located near Owen Sound, Ontario, Canada. This will be the first wastewater treating plant in Ontario to achieve a “net zero” status for sustainable waste treating. The site will produce all the electricity needed for its operations, export 100 kW power under a Feed-In Tariff Contract (“FIT Contract”) and will supply biogas or power to nearby industrial and commercial sites. The project will also reduce greenhouse gas emissions from the production of renewable electricity and heat as well as reducing methane emissions by diverting organics from landfilling, allowing the Company to monetize the emission reductions under Ontario’s Cap and Trade Program. The Company also expects to produce a Class AA Organic Fertilizer that can be added to composting facilities or incorporated directly into fertilizer compounds from the digestate.
The initial advance of CAD$1,600,000 was received by the Company on Friday, February 3, 2017.
