Released on June 24, 2024
Today, the provincial government announced the Saskatchewan Indigenous Investment Finance Corporation (SIIFC) will provide up to $100 million in loan guarantees to six Indigenous partners to support their investment in Enbridge's new renewable 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 is a collaboration between Enbridge and Cowessess, George Gordon, Kahkewistahaw, Pasqua and White Bear First Nations as well as Métis Nation-Saskatchewan. 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.
“In collaboration with industries’ evolving energy needs, SaskPower continues to make progress on our commitment of achieving net-zero greenhouse gas emissions by 2050 and deploying up to 3,000 MW of wind and solar generation by 2035,” Minister Responsible for SaskPower Dustin Duncan said. “Partnerships like this between Enbridge and Six Nations Energy Development will support SaskPower in achieving its emission reduction targets, while also providing extraordinary benefits to Saskatchewan’s First Nations communities.”
"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. The corporation was created in 2022, to increase access to capital for Indigenous communities and entities participating in Saskatchewan's natural resource and value-added agriculture sectors. Loan guarantee through this project are expected to benefit nearly 25 per cent of Saskatchewan's Indigenous population.
"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 guarantees 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 wind energy facility will be designed to produce 200 megawatts of emissions–free power – enough to support the annual energy needs of more than 100,000 Saskatchewan homes. It 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.
For more information on SIIFC, visit: siifc.ca.
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