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- Kalina Power (KPO) has partnered with Akira Partners to fund the company’s distributed power opportunities in Alberta, Canada
- Akira will help with the development, financing, construction and operations of Kalina’s Cycle Technology
- Under the partnership, Akira will conditional provide up to C$70 million (around $80 million) in equity for Kalina’s subsidiary, Kalina Distributed Power (KDP)
- KDP is aiming to deploy five 30 megawatts of combined cycle projects
- The company believes this agreement represents a major milestone towards the successful execution of projects in Alberta
- Kalina is up slightly on the market today, trading for 3.5¢ per share
Kalina Power (KPO) has partnered with Akira Partners to fund the company’s distributed power opportunities in Alberta, Canada.
Akira will help with the development, financing, construction and operations of Kalina’s Cycle Technology (KCT).
Under the partnership, Akira will conditional provide up to C$70 million (around $80 million) in equity for Kalina’s subsidiary, Kalina Distributed Power (KDP). KDP is aiming to deploy five 30 megawatts of combined cycle projects.
Currently, the projects will provide Kalina with annual royalties, a project development fee, reimbursement of development costs, ongoing project management fees and an earned equity interest. The company also has the option to co-invest as direct, upfront equity owners.
Akira is an investment firm that sources, invests, and manages investments in energy & sustainable infrastructure assets.
Kalina Cycle Technology (KCT)
The KCT uses waste heat generated from industrial processes, such as petrochemical, steel or cement making, to produce electricity to supplement the purchased power requirements of the manufacturing facilities, therefore reducing the plant’s overall operational costs.
The technology can also be used to generate power from renewable energy sources such as geothermal and solar thermal.
KDP program
The KDP program is to initially deploy five 30 megawatts combined cycle power plants.
“The plants will use a repeatable, standard design package, configured with a 22MW gas turbine along with a Kalina power cycle to capture the waste heat from the gas turbine to generate an additional 8MW of zero-emissions power,” the company said.
“Kalina has assembled a world-class development team and we are looking forward to executing on the project opportunities,” Akira Vice President Duncan Melville said.
“Waste heat represents one of the world’s biggest sustainability challenges and we are excited to partner with Kalina to address this issue,” he added.
Kalina CEO Ross MacLachlan says this partnership with Akira is an ideal match.
“The partnership represents the culmination of our efforts in recent years to secure funding for our Alberta program under terms that are expected to deliver economic outcomes across a range of scenarios that are directionally in keeping with our previous guidance on what we had set out to achieve,” he said.
The company believes this agreement represents a major milestone towards the successful execution of projects in Alberta.
Kalina is up slightly on the market today, trading for 3.5¢ per share at 11:42 am AEST.
