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 funding.
"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 megawatt market.
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.
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