Skyline Clean Energy Fund Purchases Biogas Facility
August 24, 2021 Biogas, News, Press Releases
[Guelph, Ontario – August 24, 2021]
On August 24, 2021, Skyline Clean Energy Fund (the “Fund”) purchased its first biogas clean energy asset.
The 2.85 MW/DC1 biogas facility, located in Elmira, Ontario, was originally developed and built by Woolwich Bio-En Inc. (WBEI).
Skyline Clean Energy Fund purchased an 80% stake in the facility for $43.2M. The remaining 20% is held by Marbro Capital Ltd.
Operating since 2014, the plant is one of Canada’s largest biogas facilities. It converts up to 110,000 tonnes of organic waste into approximately 25,000 MWh2 of renewable electricity annually (equivalent to powering 2,179 homes annually3).
The renewable electricity is sold to the Ontario electrical grid under a 20-year FIT contract with the Ontario government.
The plant also produces agricultural fertilizer as a by-product, which is used at a large number of farms in the Elmira area, including those that are Certified Organic.
The Woolwich Bio-En plant is carbon-negative, meaning it removes more carbon dioxide (CO2) from the atmosphere than it emits. For this reason, it plays an important role in the Ontario Circular Economy.
Since the facility was commissioned, its operations have reduced Ontario greenhouse gas emissions by some 14,000 tonnes of carbon dioxide equivalent (tCO2e)—this equates to the amount of emissions that would be produced from more than 5.9 million litres of gasoline consumed.4
During this same period, the plant has produced more than 100,000 MWh of clean, renewable electricity for use in Ontario (equivalent to powering 8,716 homes annually5).
The plant will continue to be operated by WBEI, which has established a first-class reputation as a reliable recycler of commercial organic waste materials and has become a key Ontario supplier for the contracted processing of municipal ‘green bin’ wastes.
“We’re thrilled to announce Skyline Clean Energy Fund’s first biogas acquisition, what we hope is the first of many biogas assets for the Fund’s portfolio,” said Rob Stein, President, Skyline Energy.
“We have long known that biogas can be a significant contributor to helping Canada reach its net-zero 2050 objective. We’re proud to be supporting the operations of these facilities, as well as offering investors an opportunity to add this type of clean energy production to their investment portfolios.”
“Skyline Clean Energy Fund has a growing number of investments in renewable, clean energy, and we are pleased that they have identified our Woolwich Bio-En facility as an accretive acquisition to their portfolio,” said Chuck Martin, President, Woolwich Bio-En Inc.
“WBEI looks forward to further collaboration with the Fund in many other biogas and renewable energy projects.”
Skyline Clean Energy Fund now comprises 66 clean energy assets totalling 37.22 megawatts (MW) in Ontario, with a total Expected Annual Generation6 of 56,862 MWh.
1 MW/DC: Megawatt of direct current energy; a unit measurement of the output of power.
2 MWh: A measurement of energy usage; the amount of energy one would use if keeping a 1,000 kilowatt machine running for an hour.
3 To determine the number of powered homes equivalency metric, Natural Resource Canada’s Greenhouse Gas Equivalencies Calculator was used (https://oee.nrcan.gc.ca/corporate/statistics/neud/dpa/calculator/ghg-calculator.cfm#results).
4 To determine the number of litres of gasoline equivalency metric, Natural Resource Canada’s Greenhouse Gas Equivalencies Calculator was used (https://oee.nrcan.gc.ca/corporate/statistics/neud/dpa/calculator/ghg-calculator.cfm#results).
5 To determine the number of powered homes equivalency metric, Natural Resource Canada’s Greenhouse Gas Equivalencies Calculator was used (https://oee.nrcan.gc.ca/corporate/statistics/neud/dpa/calculator/ghg-calculator.cfm#results).
6 Expected Annual Generation is projected using a combination of actual historical production and an independent engineer’s estimates based on analysis of a number of inputs, including historical production, system efficiency, and historical weather data.
About Skyline Clean Energy Fund
Skyline Clean Energy Fund (“SCEF”) is a privately owned and managed portfolio of medium to large scale clean energy assets, focused on acquiring income-producing assets across Canada, under long-term government contracts.
SCEF is offered as an alternative investment product through Skyline Wealth Management Inc. (“Skyline Wealth Management”), the exclusive Exempt Market Dealer (EMD) for SCEF.
SCEF is committed to surfacing value to its investors through asset monitoring and optimization, while providing a sustainable investment product based in clean, renewable energy.
To learn more about SCEF and its asset manager, Skyline Energy, please visit SkylineEnergy.ca.
To learn about additional alternative investment products offered through Skyline Wealth Management, please visit SkylineWealth.ca.
Skyline Clean Energy Fund is operated and managed by Skyline Group of Companies.
For media inquiries, please contact:
Cindy BeverlyVice President, Marketing & Communications
Skyline Group of Companies
5 Douglas Street, Suite 301
Guelph, Ontario N1H 2S8
cbeverly@skylinegrp.ca
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