ARLINGTON, Va. & TORONTO - Greenhouse Gas Services, a GE AES venture that invests in and develops projects that reduce greenhouse gases, announced it has expanded into renewable energy and into Canada by acquiring StormFisher Ltd. The acquisition of Toronto-based StormFisher-which builds, owns, and operates projects in North America that turn food or agricultural byproducts into natural gas and electricity?enables Greenhouse Gas Services to grow in markets outside the U.S. and particularly where governments support renewable energy, such as Ontario.
In the transaction, Denham Capital, an energy and commodities-focused private equity firm, becomes an investor in Greenhouse Gas Services by exchanging its stake in StormFisher for ownership in Greenhouse Gas Services. Greenhouse Gas Services will retain the StormFisher brand as its biogas business line. Other terms of the transaction were not disclosed.
"Adding the StormFisher team and its pipeline of shovel-ready biogas projects expands Greenhouse Gas Services' business line and complements our carbon platform," said Mauricio Vargas, CEO of Greenhouse Gas Services. "As carbon and renewable energy policies continue to evolve, we see tremendous opportunity and growth for us in North America."
"This deal brings together StormFisher's project development expertise and pipeline of new opportunities with the carbon credit specialization of Greenhouse Gas Services," said Bas van Berkel, President of StormFisher. "It represents the combination of two very entrepreneurial firms with the backing of multi-billion dollar companies."
Greenhouse Gas Services will break ground this year on its first biogas project, a 2.8-megawatt facility in London, Ontario that will convert more than 100,000 tonnes of organic materials from agri-food producers into renewable energy through a process known as anaerobic digestion. Electricity produced at the London biogas plant will be sold to the Ontario Power Authority.
Biogas projects in North America use anaerobic digestion technology to convert agricultural and food industry byproduct into electricity. Greenhouse Gas Services is currently developing other biogas facilities in Ontario, Wisconsin and California, which are expected to start operation by the end of 2011.
About StormFisher Biogas
StormFisher Biogas, based in Toronto, Ontario, is a renewable energy company that builds, owns and operates distributed generation biogas plants across North America. StormFisher's biogas plants will produce electricity, natural gas and organic fertilizer, while diverting waste from landfills and reducing greenhouse gas emissions. For more information, please visit www.stormfisher.com
About Greenhouse Gas Services
Greenhouse Gas Services LLC, based in Arlington, Virginia, is a venture of GE Energy Financial Services and The AES Corporation. The business invests in and develops projects that reduce greenhouse gas (GHG) emissions and sells independently verified GHG credits to companies that want to meet internal emissions reduction targets or to offset greenhouse gases from products and services. Each credit is verified by an independent third party and certified by Greenhouse Gas Services to a rigorous Standard of Practice. For more information, please visit www.ghgs.com
