Energy & Power
TransAlta Renewables on receiving end of Alberta Heritage Fund 2016
By Renée Francoeur
September 28, 2016 – TransAlta Renewables received a $45.9 million investment this past year to expand its energy developments from the Alberta Investment Management Corporation (AIMCo) on behalf of Alberta’s Heritage Fund.
Heritage Fund investments also went to Calfrac Well Services and Pine Cliff Energy. These make up roughly 20% of the total AIMCo investments in these companies and contribute to the more than $1-billion increase in the value of AIMCo’s Alberta-based investments over the last year, according to the province.
“Despite the prolonged drop in world oil prices, Alberta has the highest level of private sector investment in Canada,” said Deron Bilous, minister of Economic Development and Trade. “In fact, per capita investment in Alberta today is more than double the national average, and we are on track to hit record levels of investment in a variety of sectors. The jobs and economic diversification these investments contribute to in the short term also mean healthy long-term returns that benefit all Albertans.”
In October 2015, the Alberta government says it gave AIMCo a mandate to invest up to 3% of the Heritage Fund—or $540 million—in Alberta companies with strong growth potential.