Harvest Power Acquires Fraser Richmond Soil and Fibre
Organic waste management specialist Harvest Power has acquired Fraser Richmond Soil and Fibre (Fraser Richmond) from the Augustine family. In operation since 1993, the facility composts green and food waste from both the public and private sector, making it one of the largest composting facilities in North America.
The acquisition of Fraser Richmond is a natural fit with Harvest’s strategy, as it utilizes state-of-the-art composting technology developed by Harvest to produce high-quality compost products at a fraction of the cost of traditional systems. Harvest believes the Richmond site, located in the metro Vancouver area, is ideal for demonstrating the company’s high solids anaerobic digestion technology to produce renewable energy from organic waste.
“We are absolutely delighted to acquire Fraser Richmond,” Harvest CEO Paul Sellew said. “The site is in a prime position to service the Vancouver region as demand for organic waste and renewable energy facilities continues to grow, with local communities striving to increase food and green waste recycling.”
Harvest funded the purchase through its own equity, and equity and debt financing provided by Bank of Montreal and BMOCC.
Harvest uses industry leading technology, project development experience, and project finance capabilities to define a new path for sustainable organic waste management. Harvest partners with compost facilities and waste managers to build, own and operate next generation renewable energy and nutrient recycling facilities using world class technologies in dry fermentation, biomass gasification, and composting. This approach represents the highest and best management practice for organic wastes, establishing a bridge between waste and raw materials to recycle energy and nutrients and provide sustainable solutions for communities.