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NEW YORK, Sept. 20, 2022 /PRNewswire/ -- CanAm Enterprises ("CanAm"), a leading full-service financial firm specializing in immigration-linked investment funds, is pleased to announce a new Senior EB-5 loan offering to support the development of what is expected to be one of the largest green hydrogen production plants in North America.
The project site is strategically located in Eastern Texas with close proximity to large industrial hydrogen end-users as well as access to reliable power and superior logistics including rail, marine and existing pipelines that span the U.S. Gulf Coast region.
The planned green hydrogen gas production plant will supply nearby industrial customers in one of North America's largest petrochemical refinery hubs with the environmentally friendly product. Due to come on-line by mid-2024, the shovel-ready, ground-up construction located in a Targeted Employment Area (TEA) is expected to generate more than enough qualifying jobs to satisfy EB-5 Program requirements.
"The EB-5 program is back in a big way, and CanAm is excited to offer a dynamic new investment opportunity in the green energy economy," said Tom Rosenfeld, President and CEO of CanAm. "CanAm has always made immigrant investors' best interests our top priority, which is why we only select EB-5 opportunities that deliver the value our clients seek and the security that comes from proven experience of our borrowing partners," noting that CanAm has worked with the borrower for the green hydrogen plant four times in past EB-5 projects. "That investment tradition continues, while providing an opportunity to participate in an innovative technology solution to the global carbon emissions problem," he said.
"For 35 years, CanAm Enterprises has been an industry leader for immigration-linked investments. We are proud to offer our EB-5 Program clients another premier investment opportunity in an energy sector positioned for meteoric growth. Recent tax changes uniquely position this plant to meet a burgeoning demand – both local and globally -- for the green hydrogen it will produce," Rosenfeld said.
The project -- and the green hydrogen industry as a whole -- received an economic shot in the arm this August when the U.S. Congress passed the new Inflation Reduction Act. The legislation includes special tax credits which offset the additional costs of green hydrogen as compared to conventionally produced hydrogen, which is anticipated to further boost production of the green product.
"The new tax credits are a game-changer that will energize the green hydrogen production industry," said John Reid, CanAm's Project Development Director. "They're a 'win-win-win' for the green hydrogen industry – lower costs for users, more profitability for producers, and a cleaner environment by reducing the industry's carbon footprint." Reid added.
The EB-5 Immigrant Investor Program is administered by the United States Citizenship and Immigration Services ("USCIS"). The Program provides qualified foreign investors with the opportunity to earn "conditional" or temporary two-year visas in return for investing $800,000 in businesses located in Targeted Employment Areas that create at least ten full-time jobs for U.S. workers.
With 35 years of experience sourcing, underwriting and promoting immigration-linked investments in the United States and Canada, CanAm has a long and established track record, and a reputation of credibility and trust. CanAm has financed more than 60 projects and raised more than $3 billion of EB-5 capital. To date, more than $2.15 billion of EB-5 capital from more than 4,300 investor-families has been repaid by CanAm sponsored Regional Center Partnerships. CanAm exclusively operates seven USCIS-designated regional centers that are located in the City of Philadelphia, the Commonwealth of Pennsylvania, the metropolitan regions of New York and New Jersey, and the states of California, Hawaii, Florida, and Texas. For more information, please visit www.canamenterprises.com.
Contact: Clare Chen, 212-668-0690, clarechen@canamenterprises.com
