Construction started on geothermal project at Swan Hills, Alberta
FutEra, subsidiary of Razor Energy, has started construction of the first phase of its planned 18 MW geothermal/ gas co-production power plant in Swan Hills, Alberta, Canada.
Canadian Razor Energy continues development of an 18 MW co-produced geothermal and natural gas hybrid power project in Swan Hills, Alberta in Canada.
In May 2021 FutEra Power Corp. (“FutEra”), a subsidiary of Razor entered the project execution stage of its Geothermal Project. FutEra expects the total capital cost of the Geothermal Project to be C$34 million. Stage Gate 1 is fully funded. Stage Gate 2 requires additional financing which FutEra continues to seek. With both Stage Gate 1 and 2 of the Geothermal Project complete, the total nameplate electricity output will be 18 MW, of which up to 30% will be sustainable clean power generation (so around 6 MW).
FutEra has partnered with provincial and federal government agencies to invigorate the emerging geothermal industry. Provincially, Alberta Innovates (“AI”) and Emissions Reduction Alberta (“ERA”), and federally, Natural Resources Canada (“NRCan”), have provided grants to complete funding. To date, Razor has received $8.6 million in government grants to support this power generation project.
FutEra has identified and is in the process of reviewing and capturing additional projects including solar, wind, and well head geothermal.
During the second quarter of 2021, Razor invested $1.1 million on its Geothermal Project. As of June 30, 2021, Razor has received $7.2 million since inception in government grants to support its Geothermal Project, with an additional $1.4 million funding received in July 2021.
Construction of the power plant has commenced with estimated completion within the first quarter of 2022.
Source: Company release