EverGen (TSX.V: EVGN) (OTCQX: EVGIF), Canada’s renewable natural gas (“RNG”) infrastructure platform, has signed a 10-year agreement with Regina City in Saskatchewan Province to process all of the organic waste collected through the city’s food and yard waste program. The company called the new contract a “significant growth opportunity in new jurisdiction with minimal existing infrastructure for organics diversion” and noted that the agreement represents contracted cash flow that should bolster EverGen’s near-term net income and Adjusted EBITDA. According to the agreement, EverGen will process all organic waste collected by the city, which is estimated to be some 24,000 tonnes annually. In addition, the company announced that its senior term loan facility with Business Development Bank of Canada (“BCC”) will be used to support the construction of EverGen’s PSO organics processing facility and provides for $7 million of debt capital. “We are thrilled to complete this agreement with the city of Regina and to have the support of BDC on our latest project,” said EverGen Infrastructure CEO and president Mischa Zajtmann in the press release. “This project will help support sustainable waste management in Regina and launch at scale the city’s organics processing program. This represents near-term contracted cash flow and a significant growth opportunity, in a new jurisdiction, to consolidate additional waste in the region as we work with the city to achieve its long-term organics diversion targets.”
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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 that 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 and its products, visit www.EverGenInfra.com.
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