Canada-based Genalta Power will install a 2MW waste energy to electricity generation project with Pengrowth Corporation within the Olds Sour gas facility.
The company will install and operate the power plant in exchange for a long term power purchase agreement with Pengrowth for onsite power use.
Pengrowth will participate as a minority stakeholder within a joint venture partnership and will purchase all of the energy produced by the project.
In addition to generating sustainable power from several wasted energy sources, the project has the potential to generate green house offset credits, prove the commercial viability of power installations of less than 5MW in size, and reduce the overall operating costs of the facility, Genalta Power said.
Genalta Power is engaged in the business of developing, owning and operating independent power plants that produce and sell environmentally-friendly electricity from waste energy sources.