Alberta announces almost $100M in Heritage Savings Fund investments

EDMONTON – Alberta has announced close to $100 million in investments as part of its stated goal to further diversify the provincial economy.

Economic Development Minister Deron Bilous says the money will be used to support job creation and innovation in the renewable energy and natural gas sectors.

He says almost $46 million will to go TransAlta Renewables to expand developments in clean energy.

Another $46 million will to Calfrac Well Services to further environmental innovation in the oil and gas industry.

Pine Cliff Energy is getting $6 million will go to to consolidate natural gas assets.

The investments are made through the Alberta Investment Management Corporation, better known as AIMCo.

“In the short term, these investments are helping to protect and create jobs,” said Bilous.

“They’re also expected to provide a financial return to the fund that will contribute to the priority programs and services Albertans value.”

A year ago, Premier Rachel Notley’s government gave AIMCo a mandate to invest up to three per cent of the Heritage Fund, equivalent to about $540 million, into Alberta companies with growth potential.