Page 19 - NorthAmOil Week 47 2020

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which remains available to support future partners emphasizes the company’s 2022; initial RNG production is expected to
growth. commitment to the Americas business.” commence in late 2021.
The proceeds of the facility will refinance Zukerman Gore Brandeis & Grossman Sevana, based in Larkspur, California,
Gunvor USA’s existing borrowing base facility served as counsel to the lenders. develops, designs, owns and operates
signed in October 2019, provide continued McGuireWoods served as counsel to the large-scale anaerobic digestion projects
working capital financing for the company’s borrower. which produce RNG and organic based
merchant activities, and fund general GUNVOR USA, November 23, 2020 soil amendments. Using state-of-the-art
corporate purposes. technology, engineering, and design, they are
“Gunvor USA continues to enjoy strong a market leader of RNG production in the
and steady support from our banking partners ENERGY TRANSITION United States. Biogas projects reduce waste
as we effectively navigate the challenging and long-term greenhouse gas emissions,
market environment,” said Chris Morran, UGI subsidiary invests in while also increasing the use of renewable
CFO of Gunvor USA. “We are pleased to have energy.
attracted five new lenders to our facility, along renewable gas project Earlier this year, UGI announced its
with a substantial amount of oversubscription, acquisition of GHI Energy, an RNG marketing
which reflects the confidence in our business UGI announced today that its subsidiary, business based in Houston, Texas. As part
and strategy as Gunvor expands further into UGI Energy Services, entered into definitive of its announcement of that acquisition,
the North American market.” agreements to invest in New Energy One UGI outlined how that investment would
The facility is jointly lead arranged HoldCo, which is part of the team developing provide a platform for growth in other RNG
by Rabobank, which will also serve as a utility-scale renewable natural gas (RNG) projects. UGI’s investment in the Idaho
Administrative Agent and Active Bookrunner, project in Idaho. project reinforces UGI’s commitment to the
and ING Capital, Natixis, New York Branch, The Idaho RNG project is being developed development of RNG and sustainable energy.
and Société Générale as joint bookrunners jointly by Sevana Bioenergy, an affiliate of Additionally, the investment in the Idaho
and joint lead arrangers in the transaction. New Energy One HoldCo, and Meridiam, project reinforces the company’s existing
The syndicate is further supported by a a leading global independent investment greenhouse gas emission reduction strategies
diverse group of 12 additional lenders, five of Benefit Corporation and asset manager of highlighted in UGI’s recently published
which are new to the facility. sustainable public infrastructure. The Idaho environmental, social and governance report
“Through the first nine months of 2020, project, currently generating renewable titled “Today’s Energy, Tomorrow’s World”
the North American business has been a electricity, is expected to produce several and provides a platform to further advance
significant contributor to the group,” said hundred million cubic feet of RNG each our efforts.
David Garza, managing director Gunvor year from on-site dairy waste feedstock once UGI, November 20, 2020
USA. “The strong expansion of our banking it is expanded to reach full production in

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