Source:ThinkGeoEnergy – Geothermal Energy News
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ThinkGeoEnergy – Geothermal Energy News

The Alberta Investment Management Corporation (AIMCo) has acquired a majority stake in FutEra Power Corp. (FutEra), a previously wholly owned geothermal subsidiary of Calgary-based petroleum producer Razor Energy Corp. (Razor). With this transaction, Razor will be transferring 70% of its common share holdings to eliminate $68.2 million of secured debt held by AIMCo.

Razor and its subsidiary FutEra made major news earlier this year with the commissioning of Canada’s first co-produced natural gas and geothermal power project in Swan Hills, Alberta.

AIMCo is a Crown corporation, owned by the Province of Alberta, and one of Canada’s largest and most diversified institutional investment managers. On behalf of certain of its clients, AIMCo is Razor’s largest shareholder and prime lender since inception in 2017.

Following the transfer, FutEra’s ownership structure will be reorganized. It will launch a new class of voting — convertible preferred shares with the right to receive cumulative dividends. The shares will be auctioned to eligible Razor Energy shareholders, who must be based in Canada or the U.S., on May 16.

Source: Benefits Canada

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