News
May 5, 2022
Funding and counsel from Leyline to support clean energy development in North Carolina, help reach state’s 2050 carbon goal
DURHAM, N.C. (April 25, 2022) – Leyline Renewable Capital, the leading provider of development stage capital for renewable energy projects, announced its role in funding the development of two facilities in North Carolina to convert landfill gas to renewable natural gas. The facilities, developed by Oregon-based Evensol LLC and currently in construction phase, will bring high-demand clean energy production to the state and enhance sustainability at existing landfills in the area.
Leyline’s investment funded the initial development of the Foothills Renewables Project and the Upper Piedmont Renewables Project in Caldwell County and Person County, respectively. Both projects focus on capturing landfill gas, a natural byproduct of the decomposition of organic material in landfills, and converting it into renewable natural gas. The renewable natural gas produced, fully interchangeable with conventional natural gas, can then be used to power vehicles and generate electricity without the need for fracked fuel.
“Both the Foothills and Upper Piedmont projects take landfill gases and convert them to a clean energy source that can provide fuel and electricity to North Carolinians,” said Erik Lensch, chief executive officer of Leyline Renewable Capital. “As a North Carolina-based company, we’re excited to support sustainability initiatives close to home, and are committed to supporting projects that meet our environmental, social and governance (ESG) criteria. Our work with Evensol is a great example of this.”
Leyline’s investment served as a catalyst for the projects with its initial investment in 2018. Beyond financial resources, Leyline used its extensive experience in the market and local connections to identify the gas injection site for the Foothills Renewables Project. As Evensol, the project’s developer, is based in Oregon, Leyline’s local presence was critical to keeping the project moving.
Leyline’s funding and strategic counsel has allowed the project to successfully continue into construction, which began in July 2021. Construction is expected to conclude and both facilities should be fully operational by Q4 2022. Both projects are projected to produce between 1,100 and 1,300 dekatherms of natural gas a day. Notably, the Foothills Renewables Project will deliver renewable natural gas via a virtual pipeline to optimize natural gas supply and demand in the region.
In 2021, North Carolina enacted House Bill 951 to attain carbon neutrality by 2050, in line with the North Carolina Department of Environment Quality’s 2019 Clean Energy Plan. Leyline’s investment in the Foothills and Upper Piedmont projects will reduce carbon emissions in the state and contribute the meeting those goals.
“Not only did Leyline’s investment provide critical funding to get these projects off the ground, but thanks to Leyline’s knowledge and experience, we were able to identify an injection site for the Foothills project and keep development moving quickly,” said David Wentworth, president and CEO at Evensol. “Leyline’s investment and North Carolina knowledge base is fighting climate change in their own backyard.”
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About Leyline Renewable Capital
Leyline Renewable Capital invests in the development, construction and financing of sophisticated renewable energy projects. Backed by a team of seasoned investors with deep experience in the renewable industry, Leyline provides financing that bridges the gap between development and construction. By investing in the pre-construction phase of renewable energy projects, Leyline is able to accelerate the development process and help developers scale their business. Leyline leverages a broad base of experience in greenfield project development, design, construction and finance with an extensive network of relationships with industry leaders to provide support and capital for projects from concept to commercial operation. Leyline actively promotes anti-racism and diversity in the renewables industry and reports quarterly on its environmental impact and social change efforts. Learn more about Leyline Renewable Capital at https://leylinecapital.com.
About Evensol LLC
Evensol LLC was established to create value for its partners, investors, and project counterparties through the selective acquisition and development of renewable fuels-based energy assets, with particular focus on the biomass, biogas and biofuels sectors throughout the US and abroad.
Evensol pursues the development and acquisition of renewable energy assets requiring special attention to technical detail, flexibility in commercial and financial contract structure, process challenges, environmental limitations, and other factors constraining investor/developers not fully integrated in the design and operations of such facilities. The Evensol value proposition is to selectively identify undervalued, distressed and sub-optimal assets, acquire and/or develop such projects, and aggregate them into regional operating portfolios with fully integrated internal management controls.