Convertus Group closed $135 million in project financing for its flagship biofuel facility in York Region, Ontario, moving the project toward commissioning and commercial operations. Power Sustainable Infrastructure Credit (PSIC) provided the financing, with Selkirk Advisory Group acting as financial advisor to Convertus.
The facility is designed to process up to 200,000 tonnes of source-separated organic waste each year. Annual output is expected to reach between 350,000 and 400,000 gigajoules of renewable natural gas, along with low-carbon liquid fertilizer and food-grade liquefied carbon dioxide drawn from the same waste stream. The project is billed as Canada's first biofuel plant with integrated CO2 liquefaction technology.
Commissioning is expected to begin later this year, with service commencement anticipated in early 2027.
Jamie Jongsma, chief financial officer of Convertus Group, called the financial close "a major milestone for Convertus" and said it reflects the trust PSIC has placed in the company's team and long-term outlook.
Benjamin Shenwick, principal at Power Sustainable Infrastructure Credit, said the York Biofuel Facility will provide "essential environmental infrastructure for York Region and the Greater Toronto Area."
Once running, the plant becomes the anchor project in Convertus' organics infrastructure business across North America. Convertus develops, owns and operates organics processing, anaerobic digestion, renewable natural gas and resource recovery projects for municipalities and commercial customers. Power Sustainable is a subsidiary of Power Corporation of Canada (TSX: POW).
