Cold Lake First Nations to Lead Solar Project in Alberta with $48.1 Million in Financing Support

The Canada Infrastructure Bank (CIB), Alberta Indigenous Opportunities Corporation (AIOC), Selkirk Advisory Group, and Equitable Life of Canada have partnered to support the development of Duchess Solar, a 19.8-megawatt solar energy project in Duchess, Alberta. Together, they are providing $48.1 million in financing for the project, which will be majority-owned by Cold Lake First Nations (CLFN).

The solar facility, developed with Elemental Energy, will be powered by nearly 50,000 photovoltaic panels and is expected to supply clean electricity to about 7,000 homes. The project will also contribute to Alberta’s energy grid and create more than 100 construction jobs, along with permanent roles for ongoing operations and maintenance.

CLFN’s majority ownership is supported by a combination of funding sources: a $21 million Indigenous Community Infrastructure Initiative loan and a $5.2 million Indigenous Equity Investment loan from the CIB, along with a $21 million project finance loan from Equitable Life, arranged by Selkirk Advisory Group and substantially guaranteed by AIOC.

This financial structure strengthens CLFN’s capacity to lead the project and is expected to generate long-term revenue that can be reinvested into community and economic development initiatives.

“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.