C$350 million – the largest dedication of capital to a biogas-focused renewable energy platform – will be put into play through a strategic partnership between StormFisher Biogas and Denham Capital Management, a Boston-based private equity firm.
StormFisher intends to develop a portfolio of about 30 biogas projects across North America over the next five years. Power projects are expected to be 2-5 MW in size, while natural gas projects are expected to deliver between 150,000 and 350,000 MMBtu a year of pipeline quality natural gas.
The first three development projects, all located in Ontario, Canada, will break ground in late 2008 and be operational by Fall 2009.
Bas van Berkel, StormFisher’s President, said the firm will seek biogas projects, at any stage of development, across North America, and will consider acquisitions as well.
"We have aligned ourselves with Denham because of its commercial experience and clear understanding of our business model, including the carbon element. Our relationship with Denham makes us one of the most well-funded biogas companies in the world," he said.
In North America today, the majority of food by-products are disposed of either in compost sites or landfills, where they become major contributors to greenhouse gas emissions.
According to StormFisher, converting these organic by-products into biogas through anaerobic digestion is an environmentally responsible way of producing needed forms of energy, and an ideal way for food processing companies to cut costs and improve environmental stewardship.
"In Europe, biogas installations are widespread, with about 5,000 in operation," said StormFisher Vice President of Business Development, Ryan Little. "As we become more environmentally and energy conscious in North America, biogas is a clear choice for addressing these issues."
About StormFisher Biogas:
StormFisher Biogas is an Ontario-based renewable energy company developing biogas installations across North America. StormFisher’s biogas plants will produce electricity, natural gas and thermal energy while reducing waste and greenhouse gas emissions, including highly polluting methane emissions. Biogas production facilities utilize anaerobic digesters that accelerate the decomposition of organic matter to create a combination of methane and carbon dioxide. Digesters can produce energy using a wide range of feedstock materials, from used cooking oils to cow manure.
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