Green Impact Partners Inc (GIP) has successfully executed the final Purchase and Sale Agreement (PSA) concerning the Investment Tax Credits (ITCs) associated with the GreenGas Colorado renewable natural gas (RNG) project.
This significant milestone triggers a contingent payment from Amber Infrastructure, which acquired a 50% stake in the Colorado-based project in the early part of the previous year.
While the recent announcement from GIP lacks detailed information about the PSA, the company previously disclosed that it anticipated USD 28.5 million (EUR 26 million) upon the project's close, along with an additional USD 15.5 million contingent upon the potential future completion of a third-party sale of credits linked to the GreenGas Colorado initiative.
GreenGas Colorado is an innovative dairy-to-pipeline-quality RNG project situated in Weld County. Leveraging anaerobic digestion and gasification processes, the project converts organic waste into RNG.
GIP confirmed the completion of all facilities at the site a little over a month ago, signaling the imminent commencement of commercial operations. The project is poised to achieve or surpass the expected run-rate production of 360,000 MMBtu per year, a target set to be fully realized through 2024.