COLD LAKE - Cold Lake First Nations (CLFN) has announced the majority ownership of a 19.8 megawatt project, a new solar facility being constructed in Duchess, Alta.
The solar facility, set to power over 7,000 homes, is backed by $48.1 million in financing and features nearly 50,000 solar panels. More than 100 jobs will be created during construction, with additional employment expected in long-term operations and maintenance, according to information from Cold Lake First Nations.
The initiative is being developed in partnership with Elemental Energy and supported by the Canada Infrastructure Bank (CIB), Alberta Indigenous Opportunities Corporation (AIOC), Selkirk Advisory Group, and Equitable Life of Canada.
“This project reflects Cold Lake First Nations’ vision of clean energy leadership and community prosperity,” said Chief Kelsey Jacko. “We are proud to partner with Elemental Energy and deeply grateful for the commitment shown by our financial partners. This is economic reconciliation in action.”
CLFN secured its position through a combination of loans from the CIB, including $21 million from the Indigenous Community Infrastructure Initiative and $5.2 million through the Indigenous Equity Investment program. An additional $21 million project finance loan, arranged by Selkirk and substantially guaranteed by AIOC, was funded by Equitable Life, according to the release.
Minister of Housing and Infrastructure Gregor Robertson added, “With Cold Lake First Nations at the helm, Duchess Solar marks another critical step toward building an inclusive, sustainable economy.”
AIOC CEO Chana Martineau called the project “a powerful example of economic reconciliation in action."
