Avila Energy Secures $6M for Alberta Facility

Petro Viking Energy (TSE:VIK) has released an update.

Avila Energy Corporation has secured a $5.99 million unsecured loan from QVB Energy Ltd. for its power generation and carbon capture facility in West Central Alberta. This facility is part of Avila’s Carbon Capture and Sequestration program, and the loan will fund preliminary designs and purchase equipment including two upgraded Caterpillar Solar Turbine generators. The loan bears a 6% annual interest, with interest-only payments for two years until construction begins, and is part of a related party transaction due to shared leadership between the companies.

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