Alberta announces $100M in investments to diversify economy

File: Economic Development Minister Deron Bilous speaks at the Alberta legislature Wednesday, March 16, 2016. Global News

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 said the money will be used to support job creation and innovation in the renewable energy and natural gas sectors.

He said 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, which will go to to consolidate natural gas assets.

READ MORE: Alberta Premier Notley creates advisory panel to improve, diversify economy

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

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

“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.

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