Posts Tagged ‘energy’

Parkland strengthens its Quebec retail network with the acquisition of Pétroles Crevier Inc.

CaribPR Wire, CALGARY, Alberta, July 06, 2021: Parkland Corporation (“Parkland”, “we”, “our”, or “the Company”) (TSX:PKI) is pleased to announce it has entered into an agreement to acquire Pétroles Crevier Inc. (“Crevier”) (a subsidiary of Crevier Group), which is a well-established retail and wholesale business based in Montreal, Canada. This is Parkland’s eighth acquisition announced year-to-date, each of which supports our growth strategy and moves us toward our ambition for $2 billion of run-rate Adjusted EBITDA by the end of 2025.

“This acquisition extends our existing retail network in Quebec and expands our presence in key markets,” said Donna Sanker, President of Parkland Canada. “We believe we can add significant value by deploying our proven retail capabilities, proprietary Marche Express (ON the RUN) convenience and Ultramar forecourt brands, and JOURNIE™ Rewards loyalty program. We look forward to continuing to provide Crevier’s customers with essential products and exceptional service.”

Crevier’s operations extend across Quebec, serving customers through a portfolio of 36 company-owned retail locations and 138 retail dealer locations. In addition, Crevier’s large wholesale business and significant unbranded volume enhance our supply advantage and import optionality. This transaction is expected to add annual fuel and petroleum product volume of approximately 700 million litres, of which 70 percent is attributable to wholesale, and annual run-rate Adjusted EBITDA of approximately C$12 million, prior to additional growth and synergy upside.

75 percent of the transaction consideration will be funded out of existing credit facility capacity, and the remaining 25 percent with Parkland common shares issued from treasury. The transaction is expected to close in the first quarter of 2022 and is subject to approval under the Competition Act (Canada) and other customary closing conditions.

Forward-Looking Statements
Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, the successful completion of the acquisition of Crevier and the timing thereof; expected benefits of the acquisition, including potential organic growth, post-closing synergy opportunities, Parkland’s ability to add value to the acquired network through its Marche Express (ON the RUN) convenience and Ultramar forecourt brands, and JOURNIE™ Rewards loyalty program, the expected product volume and annual run-rate Adjusted EBITDA contributions resulting from the transaction and the anticipated funding of the acquisition.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as may be required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, failure to complete this acquisition; failure to satisfy the conditions to closing of the acquisition, including approval under the Competition Act (Canada); failure to realize all or any of the anticipated benefits of the acquisition; general economic, market and business conditions; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; changes and developments in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 5, 2021 and in “Forward-Looking Information” and “Risk Factors” in Parkland’s annual MD&A for the year ended December 31, 2020 dated March 4, 2021 and in the interim MD&A for the three month period ended March 31, 2021 dated May 3, 2021, each as filed on SEDAR and available on the Parkland website at www.parkland.ca.

About Parkland
Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community, and respect, which are embraced across our organization.

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WRB Energy: What Will It Take to Develop More Renewable Energy in the Caribbean?

TAMPA, Florida, March 12, 2019 /PRNewswire-HISPANIC PR WIRE/ – With the abundance of clean energy resources in the Caribbean—sun, wind, water, and geothermal—it’s a natural environment for more renewable energy generation.  So why isn’t there more renewable energy produced in the Caribbean, and why aren’t there more projects in the pipeline?

With more than three decades of experience developing renewable energy projects and operating utilities, WRB Energy can address some of the challenges that hinder increased renewable energy generation in the Caribbean.

Contain costs

Most small Caribbean island nations lack economies of scale to absorb the high costs and complexities of developing relatively small renewable installations as compared to those in larger, more developed countries.  With relatively smaller populations, economies, and electricity demand, there are fewer kilowatt-hours produced to amortize the up-front investment expenses cost-effectively. However, as the prices for renewable energy equipment continue to decrease and technologies advance, solar, wind, and geothermal are increasingly more viable, least-cost options for diversified energy portfolios.

Flatten the learning curve

Government leaders with a stable long-term vision and implementation plans for increased renewable energy attract the best opportunities for project development. By working collaboratively, utilities, government, regulators and developers can help level the learning curve for initial projects.

Understand that land is precious

Securing appropriate land for project siting poses significant challenges. There is tremendous pride in land ownership, with parcels of land being passed on from generation to generation. Also, there is a history of informal land dealings, which leads to clouded property titles. Consequently, these issues can create local owner resistance to land transactions and long-term leases.

Clarify investment requirements

Banks, investors, and multilateral organizations have mandates, terms, securities and covenants that can be misunderstood in negotiations with governments, utilities and regulators. Policies and processes need to be clearly defined to avoid misinterpretation of project terms.

Harness a sustainable future

Developing renewable systems reliably and affordably requires due diligence to avoid electricity rate increases. It’s a long-term strategy requiring cooperation between stable government policies, flexible utilities, competent regulatory bodies, responsible investors, and credible development partners to design, develop and deliver renewable energy projects as promised.  Read more at https://wrbenergy.com/wp-content/uploads/2013/08/FINAL-ENERGY-0032-2019-feature-article-3-4-19.pdf. Download photos at https://www.dropbox.com/sh/8u4fxjjpjghexce/AACs-LpeFMSgBQ58o7_NrmzQa?dl=0

WRB Energy develops renewable energy projects to help stabilize electricity prices, reduce dependence on imported fuels, and drive economic growth in Latin America and the Caribbean. Visit www.wrbenergy.com and https://wrbenergy.com/content-solar-jamaicas-first-utility-scale-solar-plant/.

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Secretary Roy A. Bernardi Joins Ocean Thermal Energy Corporation’s Advisory Board

LANCASTER, Pa., Oct. 8, 2012 /PRNewswire/ – Ocean Thermal Energy Corporation (OTE Corporation) today announced the appointment of former Acting Department of Housing and Urban Development (HUD) Secretary Roy Bernardi to its advisory board. "Our Company is indeed fortunate to have someone of Secretary Bernardi’s stature and talent as a member of our team," said Jeremy P. Feakins, Chairman of the Board and Chief Executive Officer at OTE Corporation. "Roy Bernardi’s life-long commitment to public service and community progress is a perfect match for OTE Corporation’s goals of bringing clean energy, fresh drinking water, and economic development to millions of people around the world."

Secretary Bernardi was nominated by President George W. Bush as Deputy Secretary of HUD and was confirmed by the U.S. Senate on November 21, 2004. During his tenure, he was charged with managing HUD’s day-to-day operations, a $38 billion annual budget, and the agency’s 8,500 employees. In 2008, Secretary Bernardi was appointed as Acting HUD Secretary under President Bush. As Deputy Secretary, he led the Department’s efforts to improve the standing of HUD with the Government Accountability Office (GAO). Under Secretary Bernardi’s management, two HUD programs were removed from the GAO high-risk watch list, marking the first time since 1994 that no HUD programs had been on the list. His leadership also enabled HUD to eliminate more than $2 billion in fraudulent payments in the Department’s rental assistance housing program.

Secretary Bernardi also served in President Bush’s Administration from 2001-2004 after his appointment by the President and confirmation by the U.S. Senate as Assistant Secretary of Community Planning and Development (CPD). His vision and decisive leadership at CPD was instrumental in developing thriving communities by promoting integrated solutions to the challenges facing the nation’s cities, urban counties and rural regions. Secretary Bernardi’s understanding of the need for such integrated community solutions fuels his enthusiasm for Ocean Thermal Energy Conversion (OTEC) and its ancillary products as enormous tools for bringing clean energy, fresh water, sustainable food production, and economic development to many tropical communities across the globe. "I am tremendously excited to be advising and supporting Ocean Thermal Energy Corporation and its core mission to bring OTEC’s benefits to the world," said the Secretary. "This is truly a game-changing technology whose time has now come."

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