September 6, 2019
The Atmospheric Fund (TAF) is today announcing an investment of $1.15 million in a $6.45 million project that will reduce carbon emissions, demonstrate the viability of producing renewable natural gas (RNG), and help establish policies to speed its adoption.
The project, led by Oakville-based BerQ RNG, involves installing and operating refining equipment to create renewable gas from food waste in Ontario. Approximately 111,000 tonnes of carbon emissions will be reduced over the project’s 15-year life. The experienced BerQ team has six additional RNG projects planned with an estimated 944,000-tonne reduction in carbon emissions.
In addition to displacing fossil gas used for space heating and industrial processes and generating revenue to fund TAF’s operations, this investment has the potential to advance effective climate policy. Demonstrating the business case for renewable gas could influence the development of a Canadian clean fuel standard (CFS) which would spur more use of renewable rather than fossil gas. A federal consultation on a CFS is currently underway.
TAF led the syndication of the subordinated debt and invested alongside Verge Breakthrough Fund, Hamilton Community Foundation and London Community Foundation. CWB Maxium Financial provided $3.75 million in senior long-term debt. This investment reflects the fact private and philanthropic asset owners are increasingly seeking to generate financial, social, and environmental impact through their investments.
“This is a first renewable gas project in Ontario that is built without receiving subsidies. Bringing globally proven technology into a new market is an effective way to accelerate low-carbon solutions. The leadership of our co-investors will pay dividends for our organizations and the environment,” says Tim Stoate, TAF’s VP of Impact Investing.
“TAF has been a responsive, solutions-focused partner in this project. I look forward to growing our relationship and reducing carbon emissions,” says Bas van Berkel, President & CEO of BerQ RNG.
“This investment exemplifies how we continue to use our assets not only to provide strong financial returns to support our grants to charities but also to support positive environmental change,” says Annette Aquin, EVP Finance of Hamilton Community Foundation.
NOTES TO EDITORS
About The Atmospheric Fund
The Atmospheric Fund (TAF) is a regional climate agency that invests in low-carbon solutions for the Greater Toronto and Hamilton Area and helps scale them up for broad implementation. We are experienced leaders and collaborate with stakeholders in the private, public and non-profit sectors who have ideas and opportunities for reducing carbon emissions. Supported by endowment funds, we advance the most promising concepts by investing, providing grants, influencing policies and running programs. We’re particularly interested in ideas that offer benefits in addition to carbon reduction such as improving people’s health, creating local jobs, boosting urban resiliency, and contributing to a fair society. www.taf.ca
About BerQ RNG
BerQ RNG develops, owns and operates renewable natural gas projects in addition to buying and selling renewable natural gas. www.berqrng.com
FOR MORE INFORMATION
Estelle Taylor, Communications Manager, TAF: firstname.lastname@example.org, 416-393-6382
Katherine Wilson, Director of Marketing , BerQ RNG: email@example.com, 416-523-989