The Saskatchewan government has announced the Saskatchewan Indigenous Investment Finance Corporation (SIIFC) will provide up to $100 million in loan guarantees to six Indigenous partners.
The SIIFC loans will support their partners investment in Enbridge’s wind energy project southeast of Weyburn, Saskatchewan.
“We are proud to support this historic partnership by providing $100 million in loan guarantees through the Saskatchewan Indigenous Investment Finance Corporation which will benefit nearly 25 per cent of Saskatchewan’s Indigenous population,” Trade and Export Development Minister Jeremy Harrison said. “This project will increase Indigenous participation in Saskatchewan’s economy, create new jobs and advance economic reconciliation in our province.”
The Seven Stars Energy Project project is a collaboration between Enbridge and Cowessess, George Gordon, Kahkewistahaw, Pasqua, White Bear First Nations and the Métis Nation-Saskatchewan.
The loan guarantees from SIIFC are to help partners acquire at least 30 percent equity in the project.
“This is Enbridge’s first Indigenous partnership focused on wind energy generation and our first Indigenous partnership in Saskatchewan,” Enbridge’s Executive Vice President, Corporate Strategy and President, Power Matthew Akman said. “The clean electricity Enbridge and our Indigenous partners will provide will help meet the demand for safe, reliable and affordable energy for residential, small business, and industrial use well into the future. This is a unique opportunity for the growth of our renewables portfolio, and one that I am excited to advance alongside our new partners.”
This announcement is the first ever loan guarantee to be provided by SIIFC.
“On behalf of Six Nations Energy, we are thrilled to announce the collaboration between our Nation partners and Enbridge to advance sustainable energy solutions in Saskatchewan,” Six Nations Energy Development LP President Jake Sinclair said. “Through a $100 million dollar loan guarantee from the Saskatchewan Indigenous Investment Finance Corporation (SIIFC) this project was able to become a reality. As Enbridge’s first Indigenous partnership in Saskatchewan, this project marks a major milestone, benefiting our communities and making a positive impact across the province. As Indigenous people, we are always thinking forward.”
The new project will be designed to produce 200 megawatts of power, which is enough to support the annual energy needs of more than 100,000 homes in Saskatchewan.
For more information on SIIFC, visit: siifc.ca.