Kiwetinohk Energy sells Opal gas power project in Alberta to Bitdeer

Kiwetinohk Energy Corp. has finalized the sale of its 101-megawatt (MW) Opal gas power project to Bitdeer Technologies Group for C$21 million, marking a strategic shift in its energy portfolio. The gas power project, located near Fox Creek, Alberta, is fully permitted and in Stage 5 of the Alberta Electric System Operator (AESO) review process. With this transaction, Kiwetinohk Energy aims to optimize its asset base while reinforcing its commitment to power generation, renewable energy projects, and carbon capture initiatives. The deal also highlights Bitdeer Technologies Group’s expansion into energy infrastructure investments, as the company continues to diversify its global operations.

How does this sale align with Kiwetinohk Energy’s long-term strategy?

The sale reflects Kiwetinohk Energy’s approach to asset management and financial restructuring, as the company plans to allocate the proceeds toward debt reduction and funding of its most advanced energy projects. Fareen Sunderji, President of the Power Division at Kiwetinohk Energy, emphasized that the transaction validates the company’s expertise in developing high-quality energy infrastructure.

“This transaction underscores our ability to deliver valuable power assets while responding to the increasing demand for reliable and scalable energy solutions,” Sunderji said.

Kiwetinohk Energy is actively involved in natural gas production, renewable energy projects, and early-stage carbon capture and storage initiatives across Alberta. The company continues to focus on energy transition efforts, positioning itself as a key player in the province’s evolving power sector.

What are the details of the Opal gas power project?

The Opal gas power project is a high-efficiency natural gas facility expected to generate 100 MW of electricity. The plant is being developed with a carbon capture component, aligning with Alberta’s sustainability goals and Canada’s push toward reducing greenhouse gas emissions. The project, currently under construction, is located in Fox Creek, Alberta, within the jurisdiction of the Municipality of Greenview No. 16. Construction began in 2024 and is expected to be completed by 2026. The facility is designed to support the province’s power grid with reliable and lower-emission energy.

Bitdeer Technologies Group, a global blockchain and data center firm headquartered in Singapore, is acquiring all Opal-related assets, including material contracts, leases, and permits. With data centers in the United States, Norway, and Bhutan, Bitdeer’s expansion into energy infrastructure signals a broader shift toward securing long-term energy solutions for its computing operations.

What impact will Bitdeer’s acquisition have on Alberta’s energy landscape?

Bitdeer’s investment in the gas power project suggests a growing trend of tech firms investing in power generation to secure dedicated energy sources. This move aligns with the increasing demand for low-carbon, high-efficiency power generation to support energy-intensive computing operations such as blockchain mining and artificial intelligence. By acquiring an asset already in advanced development, Bitdeer gains a strategic foothold in Alberta’s energy sector, leveraging the region’s robust natural gas infrastructure.

Industry experts note that investments like these could accelerate Alberta’s transition toward a balanced energy mix, combining traditional natural gas power with emerging renewable energy projects. As global energy demand continues to shift, tech-driven companies like Bitdeer are seeking to integrate more sustainable and cost-effective power solutions to meet their operational needs.

Who is Alicia Kilmer, Kiwetinohk Energy’s new board member?

In a separate development, Kiwetinohk Energy has appointed Alicia Kilmer to its Board of Directors, effective January 22, 2025. Kilmer is currently Vice-President of Strategic Planning & Development at Tundra Oil & Gas and is also the founder of AMK Strategy Consulting, where she advises executive teams on business strategy, corporate decision-making, and energy sector growth. She previously held leadership roles at ARC Resources Ltd., overseeing strategic planning and new business ventures.

Pat Carlson, CEO of Kiwetinohk Energy, expressed confidence in Kilmer’s expertise, stating that her insights into strategic planning and business development will be invaluable as the company focuses on multi-year growth, unlocking free cash flow, and enhancing operational flexibility. Her experience in corporate strategy and energy sector investment will support Kiwetinohk Energy’s ongoing expansion in power generation and sustainable energy initiatives.

How is Kiwetinohk Energy responding to the passing of Tim Alberts?

Kiwetinohk Energy also announced the unexpected passing of Tim Alberts, Vice-President of Production. The company described Alberts as a dedicated leader who played an integral role in operational success and corporate growth. In the interim, Mike Backus, Chief Operating Officer (Upstream), will temporarily assume Alberts’ responsibilities.

“Our thoughts and heartfelt condolences are with Tim’s family and loved ones during this difficult time,” the company said in a statement.

What’s next for Kiwetinohk Energy?

With the completion of the Opal gas power project sale, Kiwetinohk Energy is shifting its focus to developing its remaining energy assets, particularly those that align with low-emission and renewable energy projects. The company’s continued commitment to power sector growth, financial stability, and technological advancements positions it as a key player in Canada’s evolving energy market.

Kiwetinohk Energy’s common shares trade on the Toronto Stock Exchange (TSX) under the symbol KEC.