Canada Infrastructure Bank Fuels Alberta's Green Energy with New Solar Project Partnership

The Canada Infrastructure Bank (CIB) is joining forces with the Alberta Indigenous Opportunities Corporation (AIOC), Selkirk Advisory Group Inc., and Equitable Life of Canada to finance a significant solar power facility in Duchess, Alberta. This collaboration aims to bolster Alberta's energy grid and provide substantial economic benefits to the Cold Lake First Nations (CLFN), who will hold majority ownership in the project.

Key Takeaways

• A new 19.8-megawatt solar facility, named Duchess Solar, is being constructed in Duchess, Alberta.

• The project is a partnership between the CIB, AIOC, Selkirk Advisory Group Inc., and Equitable Life of Canada.

• Cold Lake First Nations will be the majority owner of the facility.

• The project will generate over 100 jobs during its construction phase.

Boosting Alberta's Renewable Energy

The Duchess Solar project will feature 49,700 solar photovoltaic panels, capable of supplying electricity to approximately 7,000 households. This initiative is expected to significantly strengthen Alberta's energy grid by increasing its renewable energy capacity.

Financial Partnership and Indigenous Ownership

A total of $48.1 million in financing has been secured for the project. The CIB is contributing $21 million through an Indigenous Community Infrastructure Initiative loan and an additional $5.2 million via an Indigenous Equity Investment loan. Equitable Life of Canada is providing a $21 million project finance loan, substantially guaranteed by the AIOC and arranged by Selkirk Advisory Group Inc.

This financial structure is designed to empower CLFN to take on a majority ownership role. The partnership is anticipated to generate long-term revenue for CLFN, which can then be reinvested into community development and economic opportunities.

Economic and Community Impact

Beyond providing clean energy, the Duchess Solar facility is projected to create more than 100 jobs during its construction phase. Furthermore, it will support full-time positions for the ongoing operations and maintenance of the plant. Ehren Cory, CEO of the Canada Infrastructure Bank, highlighted the project as a prime example of how innovative financing can drive success for Indigenous-led infrastructure, ensuring lasting economic benefits for future generations.

Sources

• The Canada Infrastructure Bank Announces Partnership On Solar Power Facility In Duchess, Alta., Canadian Manufacturing.