Razor receives funding for geothermal power project
12 July 2019
Razor Energy Corp. 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 (the Project).
A USD5 M contribution from NRCan’s Clean Growth Program, and a USD2 M 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 USD15 M to USD20 M 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.
In addition to the Project, Razor anticipates adding natural gas turbine generation in the 15 MW range. This adds to the existing natural gas power generation and hydrocarbon production, continuing Razor’s mission of transforming to a complete energy platform and simultaneously being a leader in legacy oil and gas asset management.