Stonebridge, Genalta Power close on C$31 million long-term facility

By Tali Rackner

Norfolk, Va., Feb. 4 – Stonebridge Financial Corp. and Genalta Power Inc. closed on a C$31 million long-term debt facility for the construction and operation of two waste energy-to-power projects in Alberta, according to a press release.

The facility was funded by Alberta Treasury Branches and represents the second debt financing transaction provided for Genalta by Stonebridge and Alberta Treasury.

"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," Genalta founder and CEO Drew Shaw said in the release.

Stonebridge is a West Chester, Pa.-based financial institution. Genalta is a clean energy generation company based in Calgary, Alta.

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