CALGARY, July 29, 2013 /CNW/ - Genalta Power Inc. announced that they
have closed a $30 million project finance facility. $19.2 million was
drawn on closing leaving an additional $10.9 million available for
future project funding. This is the first phase of a multi-phase
strategy targeted at raising approximately $62 million in project level
"This is another significant step in a series of financings that will
strengthen the capitalization of Genalta Power. This specific financing
was structured as project financing against a fully built and
operational power project, with the balance of funds earmarked to build
out an additional 27 MW of generation facilities" said Graham
Illingworth, CEO of Genalta Power. "Completing this round of the
financing is a key step in funding our growth and will allow Genalta to
pursue further project level financing options"
Genalta Power's strong growth and proven ability to advance the
development of green field power production projects make it clear that
the company is executing its strategy to build a diverse portfolio of
power generating assets.
Genalta Power Inc. is a Canadian-based, clean electrical
power-generating company that is leading the way in using waste energy
to power applications. As a client-oriented solutions provider, Genalta
Power is able to capture waste energy from sources such as waste heat,
pressure and gas, and to create cost-effective and environmentally
responsible electricity. Genalta Power is focused on optimizing site
efficiencies and new energy-transfer technologies in the one to ten
About Genalta Power Inc.
Genalta Power is a privately held Canadian corporation in the business
of developing proprietary technologies that will enhance the operating
output and performance parameters of the projects that it percolates in
by way of owning and operating independent power plants that produce
and sell environmentally-friendly electricity from waste energy
sources. Genalta Power capitalizes on opportunities in the independent
power market by actively developing dependable, cost-effective and
environmentally responsible power generation facilities. Genalta Power
pursues a mix of waste heat recovery, waste fuel gas, and waste
pressure projects. Genalta Power is developing projects in strategic
regions of North America with an emphasis on the oil and gas industry.
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 future funding
timing and requirements 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.