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CALGARY, AB, Feb. 4, 2025 /CNW/ - Kiwetinohk Energy Corp. (TSX: KEC) ("Kiwetinohk" or the "Company") today announced proceeds and closing of a $21 million sale of its proposed 101-MW Opal natural gas-fired power project to Bitdeer Technologies Group (NASDAQ: BTDR) ("Bitdeer").
Located near the Town of Fox Creek, Alberta, the Opal natural gas-fired project site is fully permitted and licensed, and in Stage 5 of the Alberta Electric System Operator review process.
"This transaction marks a successful outcome for our project and shareholders, demonstrating our ability to develop high-quality power assets. As demand for reliable and scalable energy continues to grow, our power strategy is well-positioned to support these needs," said Fareen Sunderji, President, Power Division.
Bitdeer will acquire all Opal assets, material contracts, leases, and permits relating to the project. Bitdeer is headquartered in Singapore and is a technology company for blockchain and computing with data centers in the United States, Norway, and Bhutan.
Kiwetinohk will apply the sale proceeds to reduce debt. In our Power division, we remain focused on the sale and financing efforts for the most advanced projects within our development portfolio.
About Kiwetinohk
Kiwetinohk produces natural gas, natural gas liquids, oil and condensate and is a developer of renewable and natural gas power projects, and early stage carbon capture and storage opportunities, in Alberta.
Kiwetinohk's common shares trade on the Toronto Stock Exchange under the symbol KEC. Additional details are available within the year-end documents available on Kiwetinohk's website at kiwetinohk.com and SEDAR+ at www.sedarplus.ca.
Forward looking information
Certain information set forth in this news release contains forward-looking information and statements including, without limitation, management's business strategy, management's assessment of future plans and operations. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "project", "potential", "may" or similar words suggesting future outcomes or statements regarding future performance and outlook. Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company.