EverGen acquired Fraser Valley Biogas in early 2021 and has since expanded the facility, doubling its capacity to an expected annual output of 160,000 gigajoules of RNG.
ABBOTSFORD – EverGen Infrastructure Corp. announces that its subsidiary, Fraser Valley Biogas Ltd., has entered into a purchase and sale agreement with 2065947 Alberta Ltd. and James Betts for the sale of the land supporting the Fraser Valley Biogas Project for a total purchase price of $2,620,000.
As part of the transaction, the sellers will enter into a long-term lease with the buyers for the portion of the property where the project operates, ensuring continued site use.
The company paid $1,750,000 to the vendor at closing of the transaction, with the remaining $870,000 to be paid on a deferred basis.
In the agreement, EverGen will have the right to buy back the property five years after the sale. The buyback price will either be the original price or fair market value, whichever is higher with terms similar to the original agreement.
The seller will also lease back the part of the property where the project is running. Until the full payment of a deferred amount is made, the seller will pay a lower rent under this lease.
Fraser Valley Biogas has been processing manure and off-farm organics since 2011 and was the first agricultural digester in Canada to produce renewable natural gas (RNG).
In addition to energy production, Fraser Valley Biogas supports local agriculture by supplying Abbotsford farms with renewable fertilizer derived from its digestate. EverGen acquired Fraser Valley Biogas in early 2021 and has since expanded the facility, doubling its capacity to an expected annual output of 160,000 gigajoules of RNG.
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