Port of Argentia, Pattern Energy and Argentia Capital reach agreement on renewable energy project
Argentia, Newfoundland--(Newsfile Corp. - June 5, 2023) - Port of Argentia Inc. ("Port") is pleased to announce that it has entered into a binding commercial terms agreement with Pattern Renewable Holdings Canada 2 ULC ("Pattern Energy") for a planned renewable energy to green fuels project in Argentina. Argentia Capital Inc. ("ACI"), the Port's 50/50 partnership with Torrent Capital Ltd., (TSXV: TORR) ("Torrent"), is a signatory to the agreement.
Genny Picco, Chairman of the Port Board, said, "Today we are announcing an agreement on Pattern's ammonia wind power project that will create significant wealth, business opportunities and jobs for our region for decades. Pattern Energy is proving to be a partner of ideal development and we are excited about the benefits this project will bring in the years to come."
Port CEO Scott Penney says, "Pattern Energy is taking a lease option on approximately 6,000 acres of port-owned industrial and forest land. If it exercises its option and proceeds with the project, it will build a 300 megawatt plant designed to boost production of green ammonia for export to global markets. A world leader in renewable energy developments, Pattern Energy's plans also include additional phases that could include increasing wind power production using Crown Lands and the expansion of its ammonia production plant in Argentina."
Key trade terms include port land lease fees, priority berthing charges and a wind royalty on electricity sales. The agreement also includes commercial terms for ACI to co-invest in the renewable project as a limited partner and receive a gross revenue royalty on ammonia sales.
Wade Dawe, President and CEO of Torrent Capital, states, "ACI is executing on its strategy of working with the port to capture revenue streams from third party equity and royalty opportunities. As ACI's partner, Torrent will take the lead in obtaining of capital necessary for ACI to exercise its right of co-investment in the renewable energy project".
"This agreement lays the groundwork for Pattern Energy to continue development of this exciting project. Pattern has brought in the Port, through its association in ACI, as an equity partner, which will strengthen the Port in its role as a key economic driver of the region," said Dwight Ball, ICA President.
About Puerto Argentia Inc.
Port of Argentia Inc. is a corporation and owner of the Port of Argentia. The Port of Argentia is a heavy industrial port located in the southeastern part of the Island of Newfoundland, in Placentia Bay. Formerly the site of a US Naval Base, Argentia is being redeveloped with a diverse group of port users and tenants involved in shipping, renewable energy, manufacturing, construction, offshore oil, mining and other sectors . With a strategic location near the main navigation routes between North America and Europe, Argentia offers a well-maintained infrastructure and highly-skilled local labor.
About pattern energy
Pattern Energy is one of the world's largest private developers and operators of wind, solar, energy transmission and storage projects. Its operating portfolio includes 38 renewable energy facilities using best-in-class proven technology with an operating capacity of more than 6,000 MW in the United States, Canada, Japan, and Mexico. Pattern Energy is guided by a long-term commitment to serve customers, protect the environment and strengthen communities. For more information visit www.patternenergy.com.
About Torrent Capital Ltd.
Torrent is a publicly traded investment issuer that invests in the securities of publicly traded and private companies. The Company invests in companies that are experiencing accelerated growth or that are trading at a discount to their intrinsic value. Torrent offers investors the potential to outperform the market while providing transparency, daily liquidity, and a modest fee profile compared to competing investment products. The Company is currently actively investigating investment opportunities in the clean technology sector.
For more information contact:
port of Argentina
Scott Penney, CEO
Bus: 709-227-5502, ext. 204 Cell: 709-687-4887
s.penney@portofargentia.ca
Torrent Capital
Wade Dawe, President and CEO
Bus: 902-536-1976 Fax: 902-491-4281
info@torrentcapital.ca
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This press release includes certain "forward-looking statements" under applicable Canadian securities law. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while believed to be reasonable, are subject to known and unknown risks, uncertainties, and other factors that may cause actual results and future events to differ materially from those expressed. or implied. for such forward-looking statements. There can be no guarantee that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Torrent disclaims any intent or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. The reader is referred to the Company's annual financial reports for a discussion of risks and uncertainties.
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