Abstract: A heat exchanger for use in a multi-solid fluidized bed heat generating system includes a housing for containing a flowing volume of hot gas and fluidized recirculating solid particulate material. The housing includes outer side walls, a top wall and an intermediate bottom structure comprising water wall panels for containing a flow of water/steam to be heated from the hot gas and solid material contained within the enclosure formed by the housing walls. A supply header is provided to direct water/steam to be heated into the water wall panels at a lower level and a takeoff header is utilized for removing the heated water/steam from the wall panels at an upper level. A fluidizing gas injector system is provided for directing a high velocity flow of gaseous fluid into the enclosure formed by the housing water wall panels at a lower level therein for fluidizing the recirculating solid particulate material, which material is recycled back into a combustion vessel of the fluidized bed heat generating system.