11:14 AM EST, 11/29/2024 (MT Newswires) -- Green Impact Partners ( GIPIF ) was last seen down 5% after the company on Friday said engineering, procurement and construction costs for its flagship Future Energy Park (FEP) in Alberta has ballooned to $1.5 billion due to its scale and inflationary pressures.

To manage costs, the company is dividing the work into two contracts, one for Engineering and Procurement and another for Construction, and continuing to fully wrap the construction, design and performance of the facility. The company also expects to finance FEP with 25% equity and 75% project-level senior and subordinated debt.

Full construction is on track to start in 2025 and is expected to take three years, the company said. Revenue is expected to ramp up through the commissioning period.

The company also said third-quarter loss widened as revenue dropped.

The company, which focuses on bioenergy and renewable natural gas projects, reported a loss of $5.8 million, or $0.27 per share, compared with $2 million, or $0.09 , last year.

Revenue fell by 27% to $33.6 million, from $46.1 million. Energy Product Optimization Services revenue dropped 30%, due to a combination of higher benchmark oil prices and lower volumes sold.

The company's shares were last seen down $0.20 to $3.80 on the TSX Venture Exchange.

Price: 3.80, Change: -0.20, Percent Change: -5.00