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Six Nations corporation obtains refinancing for wind farm

DCN-JOC News Services
Six Nations corporation obtains refinancing for wind farm

TORONTO—Vancity Community Investment Bank and Six Nations of the Grand River Development Corporation have announced a refinancing deal worth $31 million for the 230-megawatt Niagara Region Wind Farm in Ontario.

The 77-turbine wind farm was developed by Boralex Inc. and is the second largest in Ontario by installed capacity, stated a recent release.

The loan refinances a portion of the development corporation’s 50-per-cent ownership stake in the wind farm. A $23-million guarantee by the Ontario government through its Aboriginal Loan Guarantee Program enabled the bank to provide a larger loan at a lower cost.

“The savings brought about through this refinancing will directly enhance our ability to fund our community priorities, all of which are geared to the collective benefit of the entire Six Nations community,” said Matt Jamieson, president and CEO of the development corporation, in a statement. “We greatly appreciate the support from Ontario’s Aboriginal Loan Guarantee Program and are looking forward to a long-term relationship with Vancity Community Investment Bank.”

 

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