Aug 16, 2012
Wasabi Energy increases stake in AAP CarbonBack
AAP Carbon|Wasabi Energy|Africa|South Africa|Carbon Asset Management|Chemical And Thermal Energy Conversion|Chemical Energy Conversion|Electricity|Steel|Thermal Energy|John Byrne|Sub-Saharan Africa
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Wasabi Energy executive chairperson John Byrne said this week that the company had been working closely with AAP Carbon since early 2012. “We are impressed with the opportunities available to the group in South Africa and sub-Saharan Africa with a number of projects being well advanced.”
Under the terms of the transaction, AAP Carbon would be granted a Kalina Cycle licence for sub-Saharan Africa, which, together with its existing chemical energy conversion business, would deliver a unique offering to the African market.
Wasabi Energy’s Kalina Cycle converts thermal energy into electricity.
The company said that AAP Carbon intended to raise additional equity to fund its business growth either through a public listing or through the introduction of new equity partners.
“The joining together of AAP Carbon with Wasabi Energy's business development activities provides a powerful combination of expertise, proven track record in the development and implementation of projects and a unique offering with the combination of chemical and thermal energy conversion with the use of the Kalina cycle,” Byrne said.
In March, Wasabi purchased 25% of AAP Carbon, a group that engineers, builds, accredits and invests in clean energy projects that generate carbon credits under the Clean Development Mechanism (CDM) of the Kyoto Protocol.
AAP Carbon's flagship cogeneration plant is the 20 MW International Ferro Metals (IFM) power plant, where carbon monoxide-rich waste gas is harnessed to produce in excess of 160-million kilowatt hours a year of low-emission electricity for the ferrochrome producer’s own use.
Wasabi Energy has been in discussions with AAP Carbon regarding the installation of a Kalina Cycle power plant that would use the waste heat from the reciprocating engines to produce up to 20% of additional electricity.
AAP Carbon is also studying the feasibility study for a 28 MW chemical energy conversion plant for Hernic and is in advanced discussions with Mogale Alloys and Tata Steel amongst others. Wasabi Energy said each of these potential power plants created an opportunity to add a Kalina Cycle power plant to generate more power by using the exhaust gases.
Edited by: Mariaan Webb© Reuse this Comment Guidelines
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