Green Impact Partners Closes Investment Tax Credit Sale for GreenGas Colorado LLC for Gross Proceeds of $28.9 Million
Green Impact Partners is pleased to announce the Company has closed the Purchase and Sale Agreement for the Investment Tax Credits for GreenGas Colorado for total sales proceeds of CAD$28.9 million (US$21.1 million). GIP has received CAD$17.4 million in net cash proceeds, following the replenishment of the debt service reserve account for the Colorado JV. With completion of this transaction, GIP's remaining net capital investment for its 50% interest in the Colorado JV is CAD$6.7 million.
"These proceeds enable us to advance our flagship project, the Future Energy Park, towards financial close, continue investing in our development portfolio, and provide working capital funding for the Colorado JV as we progress the certification process with the California Air Resource Board," said Jesse Douglas, Chief Executive Officer.