Thursday, June 27, 2019

Canada: Co-Produced Geothermal Electricity Project Utilizing an Active Oil and Gas Operation Expects to Generate Up to 5 MW

Razor Energy Receives Funding for Geothermal Power Project (News Release)

Razor Energy Corp. of Calgary, Alberta, and its partners, the federal government, through Natural Resources Canada (NRCan) and Alberta Innovates, are pleased to announce the funding of a co-produced geothermal electricity project utilizing an active oil and gas operation in Alberta.

A $5 million contribution from NRCan’s Clean Growth Program, and a $2 million contribution from Alberta Innovates, demonstrates a commitment to cleaner energy creation. Under the terms of the contribution agreements, NRCan and Alberta Innovates will assist Razor’s development of a technically viable and commercially sustainable solution to recover geothermal waste heat.

The company expects the capital cost of the project to be $15 million to $20 million generating between 3 and 5 MW of electricity. The balance of the Project funding will be sourced internally and from new private investors within the renewable energy investment market.