TORONTO and CALGARY, Feb. 4, 2015 /CNW/ - Stonebridge Financial Corporation ("Stonebridge") is pleased to announce the closing of a $31.0 million, long-term debt facility for the construction and operation of two waste energy-to-power projects in Alberta. Genalta III Limited Partnership ("Genalta III") is a portfolio owned by Genalta Power Inc. ("Genalta") and is comprised of the Baytex project, a 20MW gas-to-power project, and the Harvest Project, a 5.6MW simple cycle turbine. The debt facility arranged by Stonebridge was funded by Alberta Treasury Branches ("ATB"), and represents the second debt financing transaction provided for Genalta by Stonebridge and ATB.
Genalta is a Canadian-based clean energy generation company that produces and sells electricity, by harnessing waste energy sources through its growing portfolio of waste energy-to-power applications including Waste Heat-to-Power, Waste Gas-to-Power, Waste Pressure-to-Power, Simple Cycle Gas-to-Power, and Behind the Fence Fuel. As a renewable energy company, Genalta provides its clients with a sustainable, cost-effective, and clean alternative to conventional electricity production.
In the past 8 years, Genalta has built a 40 MW operating portfolio, with an additional 49.1 MW under signed agreement. 100.2 MW are scheduled to be operational by the end of the 2015 fiscal year.
Cam Di Giorgio, Vice President, Structured and Project Financing at Stonebridge commented, "We are very pleased to have arranged and structured another successful debt financing transaction for Genalta in support of its expanding business. We look forward to supporting their future projects and contributing to their growing success".
"Genalta is pleased to strengthen our partnership with Stonebridge Financial. This round of financing is designed to enhance shareholder return, which is a direct result of meeting key milestones in our business model." said Drew Shaw, Founder and CEO of Genalta Power.
About Stonebridge Financial:
Stonebridge Financial Corporation is a specialized financial services company with a proven reputation and expertise in arranging and structuring debt financings for syndication in the Canadian institutional marketplace, with a focus in the energy, infrastructure, and health care sectors. Stonebridge has arranged and syndicated over $3.0 billion of project debt financing.
About Genalta Power Incorporated:
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 capitalizes on opportunities in the independent power market by actively pursuing the development of dependable, cost-effective and environmentally responsible power generation facilities. Genalta pursues a mix of waste-heat recovery, waste-fuel gas, waste-pressure, biomass, and gas-to-power projects. Visit www.genaltapower.com for more information.
SOURCE Genalta Power Inc.
For further information: Genalta Power Inc., Craig Parsons, EVP, Corporate Finance, [email protected], Website: www.genaltapower.com; Stonebridge Financial Corp., Diego Carballo, CFA, Associate Director, Project Finance - Energy, W: (416) 364-3001 ext. 244, [email protected], Website: www.stonebridge.ca