by Tina Olivero

    Port of Argentia, Pattern Energy & Argentia Capital Reach Agreement on Renewable Energy Project

    Port of Argentia Inc. announced that it has reached a binding agreement on commercial terms with Pattern Renewable Holdings Canada 2 ULC (Pattern Energy) for a planned renewable energy to green fuels project at Argentia. Argentia Capital Inc. (ACI), the Port’s 50/50 partnership with Torrent Capital Ltd. (Torrent, TSXV:TORR), is a signatory to the agreement.

    Port of Argentia
    Port of Argentia

    Genny Picco, Port Board Chairperson touts the significance of wind to ammonia, “We are announcing an agreement on Pattern’s wind energy to ammonia project which will generate significant wealth, business opportunities, and employment for our region for decades. Pattern Energy is proving to be an ideal development partner and we are excited about the benefits this project will bring in the years to come.”

    CEO Scott Penney states, “Pattern Energy is taking a Lease Option on some 6,000 acres of industrial and forest lands owned by the Port. Should it exercise its Option and proceed with the Project, it will construct a 300-megawatt wind energy facility designed to power the production of Green Ammonia for export to global markets. A global leader in renewable energy developments, Pattern Energy’s plans also include additional phases which could include increasing wind energy production utilizing Crown Lands and the expansion of their ammonia production plant on-site at Argentia.“

    port of argentia
    Port of Argentia

    Key commercial terms include land lease rates at the Port, 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 as well as receive a gross revenue royalty on ammonia sales.

    Wade Dawe, President and CEO of Torrent Capital states, “ACI is executing its strategy of working with the Port to capture revenue streams from third-party equity and royalty opportunities. As a partner in ACI, Torrent will take the lead in raising the capital necessary for ACI to exercise its co-investment right in the renewables project.”

    Wade Dawe, President & CEO of Torrent Capital

    “This agreement sets the stage for Pattern Energy to continue development on this exciting project. Pattern Energy has brought the Port in as an equity partner, which will strengthen the Port in its role as the region’s key economic driver,” said Dwight Ball Chairperson of ACI.

    Port of Argentia

    About Port of Argentia Inc.

    Port of Argentia Inc. is a non-share capital company and owner of the Port of Argentia. Port of Argentia is a heavy industrial seaport located on the southeastern portion of the Island of Newfoundland, in Placentia Bay. Formerly the site of a U.S. Naval Base, Argentia is being redeveloped with a diverse group of port users and tenants involved in marine transportation, renewable energy, manufacturing, construction, offshore oil, mining, and other sectors. With a strategic location near the main shipping lanes between North America and Europe, Argentia offers well-maintained infrastructure and a highly skilled local workforce.

    About Torrent Capital Ltd.

    Torrent is a publicly traded investment issuer that invests in the securities of private and publicly traded companies. The Company invests in companies that are due to experience accelerated growth or are trading at a discount to their intrinsic value. Torrent offers investors the potential to earn above-market returns while providing transparency, daily liquidity and a modest fee profile compared to competing investment products. Currently, the Company is actively researching investment opportunities in the clean technology sector.

    Tina Olivero

    30 years ago, Tina Olivero looked into the future and saw an opportunity to make a difference for her province and people. That difference came in the form of the oil and gas sector. Six years before there was even a drop of oil brought to the shores of Newfoundland, she founded The Oil and Gas Magazine (THE OGM) from a back room in her home on Signal Hill Road, in St. John’s, Newfoundland. A single mother, no financing, no previous journalism or oil and gas experience, she forged ahead, with a creative vision and one heck of a heaping dose of sheer determination. With her pioneering spirit, Ms. Olivero developed a magazine that would educate, inspire, motivate and entertain oil and gas readers around the world — She prides herself in marketing and promoting our province and resources in unprecedented ways. The OGM is a magazine that focuses on our projects, our people, our opportunities and ultimately becomes the bridge to new energy outcomes and a sustainable new energy world. Now diversifying into the communications realms, a natural progression from the Magazine, The OGM now offers an entirely new division - Oil & Gas Media. Today, The Oil and Gas Magazine is a global phenomenon that operates not only in Newfoundland, but also in Calgary and is read by oil and gas enthusiasts in Norway, Aberdeen, across the US and as far reaching as Abu Dhabi, in the Middle East. Believing that Energy is everyone’s business, Ms. Olivero has combined energy + culture to embrace the worlds commitment to a balance of work and home life as well as fostering a foundation for health and well being. In this era of growth and development business and lifestyle are an eloquent mix, there is no beginning or end. Partnering with over 90 oil and gas exhibitions and conferences around the world, Ms. Olivero's role as a Global Visionary is to embrace communication in a way that fosters oil and gas business and industry growth in new and creative ways.

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