Insider Brief:
- The Canada Infrastructure Bank, along with the Alberta Indigenous Opportunities Corporation, Selkirk Advisory Group, and Equitable Life are financing the 19.8-megawatt solar facility in Alberta with a combined C$48.1 million.
- Cold Lake First Nations will hold majority ownership in the project, securing financing from an Indigenous Community Infrastructure Initiative loan, an Indigenous Equity Investment loan from the Canada Infrastructure Bank, and a project finance loan financed and guaranteed by solar project founders.
- The Duchess Solar facility is owned by French energy company Engie.
PRESS RELEASE: The Canada Infrastructure Bank (CIB), Alberta Indigenous Opportunities Corporation (AIOC), Selkirk Advisory Group Inc. (Selkirk) and Equitable Life are partnering to support Duchess Solar, a 19.8-megawatt solar facility being constructed in Duchess, Alberta, with a combined $48.1 million in financing.
Cold Lake First Nations (CLFN) will hold a majority ownership in the project, developed in partnership with Elemental Energy, with financing from two sources: (1) a $21 million Indigenous Community Infrastructure Initiative loan and a $5.2 million Indigenous Equity Investment loan from the CIB and (2) a $21 million project finance loan substantially guaranteed by AIOC, funded by Equitable Life and arranged by Selkirk.
Power produced by 49,700 solar photovoltaic panels will supply approximately 7,000 households with reliable, lower-cost electricity and strengthen Alberta’s energy grid. The project will also generate more than 100 jobs during construction, with full-time roles to support long-term operations and maintenance.
The CIB’s long-term financing, together with Equitable Life’s financing supported by an AIOC loan guarantee strengthens CLFN’s capacity to take on a majority ownership role. This partnership is expected to result in long-term revenue generation for Cold Lake First Nations that can be reinvested back into the community to support economic and community development opportunities.
To date, the CIB has invested more than $1 billion with Indigenous communities across 28 projects. The CIB collaborates with First Nations, Métis and Inuit communities on new projects in partnership with, and for the benefit of Indigenous communities across Canada.
AIOC has $3 billion in capacity to facilitate Indigenous investments into major infrastructure projects in the natural resources, agriculture, transportation, telecommunications and tourism industries and plays a vital role in supporting Indigenous-led ownership of transformative infrastructure projects like Duchess Solar.
