Greenhouse Gas Services, with the acquisition of StormFisher, has entered into renewable energy business and into Canada. Greenhouse Gas Services is a venture between GE Energy Financial Services and the AES Corporation and is engaged in investing and developing greenhouse gas reduction projects. StormFisher develops and operates projects that convert agricultural or food byproducts into electricity or natural gas.
This acquisition has helped Greenhouse Gas Services to gain a foothold into other markets outside U.S., especially where renewable energy is supported by governments, such as Ontario. A private equity firm, Denham Capital, has parted with its stake in StormFisher to Greenhouse Gas Services in exchange for ownership interest in Greenhouse Gas Services. The StormFisher brand will be retained by Greenhouse Gas Services as its biogas business line.
CEO of Greenhouse Gas Services, Mauricio Vargas, said the company’s business line has expanded with the acquisition of StormFisher and its pipeline of biogas projects. Vargas commented that the company foresees tremendous opportunities in North America as renewable energy and carbon policies continue to develop.
A 2.8-MW project in London, Ontario will be Greenhouse Gas Services’ first biogas project, which will begin construction this year. The biogas facility will generate renewable energy by converting more than 100,000 tonnes of organic materials supplied by agri-food producers through anaerobic digestion process. Other biogas projects being developed by the company currently in Ontario, Wisconsin and California is anticipated to commence operation by 2011 year end.