REGINA – The Government of Saskatchewan has announced it will provide up to $100 million in loan guarantees through the Saskatchewan Indigenous Investment Finance Corporation (SIIFC) to six Indigenous partners to support investment in a new Enbridge renewable wind energy project southeast of Weyburn, Sask.
The Seven Stars Energy Project is a collaboration between Enbridge and the Cowessess, George Gordon, Kahkewistahaw, Pasqua and White Bear First Nations as well as Métis Nation-Saskatchewan, a release said.
“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. This project will increase Indigenous participation in Saskatchewan’s economy, create new jobs and advance economic reconciliation in our province,” Trade and Export Development Minister Jeremy Harrison said in a statement.
The partners will receive up to $100 million in loan guarantees from SIIFC to support acquiring at least 30 per cent equity in the project.
“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,” Enbridge executive vice-president of corporate strategy and president of power Matthew Ackman added.
This is the first-ever loan guarantee to be provided by SIIFC, a corporation created in 2022 to increase access to capital for Indigenous communities and entities participating in Saskatchewan’s natural resource and value-added agriculture sectors, the release said.
“Through a $100 million dollar loan guarantees from the Saskatchewan Indigenous Investment Finance Corporation 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,” stated Six Nations Energy Development LP president Jake Sinclair.
The new wind energy facility will be designed to produce 200 megawatts of emissions–free energy and will be developed, constructed and operated by a wholly-owned indirect subsidiary of Enbridge, subject to finalizing commercial agreements, securing the necessary environmental and regulatory approvals, and meeting investment criteria, the release said.
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