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Aerial photo of solar panels on a brown field. (CNW Group/Canada Infrastructure Bank)
Canada Infrastructure Bank (CIB) is teaming up with Alberta Indigenous Opportunities Corporation (AIOC), Selkirk Advisory Group Inc. (Selkirk) and Equitable Life of Canada (Equitable Life) to provide $48.1 million in financing to support a 19.8-megawatt solar facility being constructed in Duchess, Alta. Cold Lake First Nations (CLFN) will hold a majority ownership in the Duchess Solar project, developed in partnership with Elemental Energy, and set to be built by Barton Malow Canada.
Power produced by Duchess Solar’s 49,700 solar photovoltaic panels will supply approximately 7,000 households with electricity in a move that the partners say will strengthen Alberta’s energy grid. The project will also generate more than 100 jobs during construction, along with full-time roles to support long-term operations and maintenance.
According to CIB, its 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. And the investment by CLFN 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.
“Cold Lake First Nations is honoured and proud to announce Duchess Solar with our partner Elemental Energy. Building from our vision of expanding our portfolio in clean energy, we look forward to development and operations of a project that will benefit our community for decades,” stated Chief Kelsey Jacko, Łouwe Chok ‘Touwe, Cold Lake First Nations.
“Duchess Solar is a great example of how flexible and innovative financing partnerships can drive success for Indigenous-led infrastructure projects,” added CIB CEO Ehren Cory. “With the CIB’s loan paired with private capital and a provincial loan guarantee, Cold Lake First Nations will benefit from meaningful, long lasting and direct economic benefits for future generations.”