CALGARY, Oct. 7, 2013 /CNW/ - Genalta Power Inc. ("Genalta Power") is
announcing the finalization of a multi-year Power Purchase Agreement
with Husky Energy.
The goal of the project is to produce 18 MW of base load electricity by
maximizing benefits from an existing gas field. The project will reduce
operating costs for Husky and includes an environmentally sustainable
waste heat initiative designed to generate 2 MW of the 18 MW of base
load electricity. An additional 4 MW is planned for peak load
electricity generation for a project total of 22 MW, including both
base and peak load electricity.
Located at Husky's Muskwa plant east of its Cadotte facilities, the
project has been designed to the exact site conditions using a
combination of technologies that will produce power to feed directly
into the Alberta power grid, while also producing GHG offset credits
through a reduction in emissions.
The waste heat initiative has been selected to receive a $4.9 million
grant from the Climate Change Emissions Management Corporation (CCEMC)
as it will lower the overall carbon foot print of power generation,
deploy new technologies and be replicable among many declining gas
fields throughout the Province of Alberta.
"We are very excited to build upon the existing Husky and Genalta Power
relationship with another power generation project," said Graham
Illingworth, Genalta Power's CEO. "In addition to making a positive
impact on the environment, we will also have the opportunity to prove
out new, patentable technologies with numerous industry applications."
The project is forecast to be commissioned in 2015.
About Genalta Power
Genalta Power is a privately held Canadian corporation in the business
of developing, owning, and operating independent power plants that
produce and sell environmentally friendly electricity from waste and
clean energy sources. Genalta Power capitalizes on opportunities in the
independent power market by actively pursuing the development of
dependable, cost-effective, and environmentally responsible power
generation facilities. Genalta Power pursues a mix of waste heat
recovery, waste fuel gas, waste pressure, and gas to power projects.
Genalta power is developing projects in strategic regions of North
America. Visit www.genaltapower.com for more information.
Cautionary Statement Regarding Forward-Looking Information:
Certain statements in this news release may constitute "forward-looking
information" or "forward-looking statements" which involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the company or industry
results to be materially different from any future results, performance
or achievements expressed or implied by such forward-looking
information. When used in this news release, such information uses such
words as "estimates", "expects", "plans", "anticipates" and other
similar terminology. This information reflects the company's current
expectations regarding future events, including the development,
construction and operation of greenhouse gas based projects and speaks
only as of the date of this news release. Forward-looking information
involves significant uncertainties, should not be read as a guarantee
of future performance or results, and will not necessarily be an
accurate indication of whether or not such results will be achieved. A
number of factors could cause actual results to differ materially from
the results discussed in the forward-looking information. Although the
forward-looking information in this news release is based upon what
management of the company believes are reasonable assumptions, the
company cannot assure investors that actual results will be consistent
with this forward-looking information. This forward-looking information
is provided as of the date of this news release, and, subject to
applicable securities laws, the company assumes no obligation to update
or revise such information to reflect new events or circumstances.
SOURCE: Genalta Power Inc.
For further information:
Genalta Power Inc.