Friday, June 13, 2025
The Canada Infrastructure Bank (CIB), Alberta Indigenous Opportunities Corporation (AIOC), Selkirk Advisory Group Inc. and Equitable Life of Canada are partnering to support Duchess Solar, a 19.8-megawatt solar facility being constructed in Duchess, Alberta, with a combined $48.1 million in financing.
Cold Lake First Nations (CLFN) will hold a majority ownership in the project, developed in partnership with Elemental Energy, with financing from two sources: (1) a $21 million Indigenous Community Infrastructure Initiative loan and a $5.2 million Indigenous Equity Investment loan from the CIB and (2) a $21 million project finance loan substantially guaranteed by AIOC, funded by Equitable Life and arranged by Selkirk.
“Duchess Solar is a great example of how flexible and innovative financing partnerships can drive success for Indigenous-led infrastructure projects. 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,” said Ehren Cory, CEO, Canada Infrastructure Bank.
Power produced by 49,700 solar photovoltaic panels will supply approximately 7,000 households with reliable, lower-cost electricity and strengthen Alberta’s energy grid. The project will also generate more than 100 jobs during construction, with full-time roles to support long-term operations and maintenance.
“As a nation of builders, it’s time to build Canada stronger. We are building the strongest economy in the G7, but this can’t happen without the full participation of Indigenous peoples. The new Duchess Solar facility will supply 7,000 homes in the region with clean, renewable energy. With the help of the CIB’s project financing and Indigenous Equity loans, Cold Lake First Nations will retain majority ownership in the project, marking another important step forward in advancing economic reconciliation for Indigenous Peoples across Canada,” said Gregor Robertson, Minister of Housing and Infrastructure.
The CIB’s 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. This partnership 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. We would like to acknowledge the commitment and creativity of our financial partners, the CIB, AIOC, Selkirk and Equitable Life who have made the financial resources possible for CLFN to hold a majority ownership position. We are grateful for the opportunity to work alongside our partners to deliver an innovative commercial structure,” said Chief Kelsey Jacko, Łouwe Chok ‘Touwe, Cold Lake First Nations.
To date, the CIB has invested more than $1 billion with Indigenous communities across 28 projects. The CIB collaborates with First Nations, Métis and Inuit communities on new projects in partnership with, and for the benefit of Indigenous communities across Canada.
“Equitable is proud to play a role in this project which serves to provide additional clean energy to Alberta’s grid and economic benefits to Cold Lake First Nations for years to come. It was great to collaborate with Cold Lake First Nations and Elemental Energy and to partner with Selkirk, the CIB and AIOC,” said Tara Proper, executive vice president, Investments, Equitable Life.
AIOC has $3 billion in capacity to facilitate Indigenous investments into major infrastructure projects in the natural resources, agriculture, transportation, telecommunications and tourism industries and plays a vital role in supporting Indigenous-led ownership of transformative infrastructure projects like Duchess Solar.
“This project represents a powerful example of economic reconciliation in action. Through this Alberta Indigenous Opportunities Corporation loan guarantee, we’re proud to help Cold Lake First Nations build generational wealth while contributing to Alberta’s transition to a more sustainable and reliable power grid — one that includes renewables paired with natural gas. This is what it looks like when Indigenous communities are in the driver’s seat of their own economic futures,” said Chana Martineau, CEO, AIOC.
Featured image: Aerial photo of solar panels on a brown field. (CNW Group/Canada Infrastructure Bank)
