CIB Loan Powers First Nation’s 32-MW Saskatchewan Solar

• George Gordon First Nation secures 32.4‑MW Wicehtowak Solar ownership with CIB loan, powering K+S Potash via 30‑year PPA, cutting emissions and reinvesting revenues in Saskatchewan communities.

George Gordon First Nation reached financial close on the 32.4-MW Wicehtowak Solar project in Saskatchewan after securing a CAD 42 million repayable loan from the Canada Infrastructure Bank to acquire full ownership. The project previously received CAD 33 million in federal grants via Natural Resources Canada’s SREPs program.

Located in the rural municipality of Dufferin, the solar farm will use 66,175 bifacial panels and is expected to offset 21,686 tonnes of CO2 annually. Power will be supplied via the grid to K+S Potash Canada under a 30-year virtual PPA through SaskPower’s Renewable Access Service. Project revenues will be reinvested in local development and renewables.

How will full Indigenous ownership and CIB financing shape Wicehtowak Solar’s long-term impacts?

• Locks in community wealth: full ownership keeps net cash flows, tax benefits, and residual asset value with George Gordon First Nation across the 30-year vPPA and beyond.
  
• Low-cost public financing lowers WACC: CIB’s repayable loan likely reduces debt costs and extends tenor, improving project IRR and freeing cash for services, housing, and additional renewables.
  
• Stronger governance and control: Indigenous ownership sets priorities for land stewardship, cultural protocols, and community benefit agreements without outside equity pressure.
  
• Bankability signal for future deals: Successful close with CIB establishes a template other Nations can replicate, easing paths to credit and accelerating Indigenous-led energy pipelines.
  
• Long-term jobs and skills: Ownership embeds O&M, electrical, and asset-management roles locally; CIB backing can tie financing to workforce training and apprenticeships.
  
• Revenue certainty enables planning: The 30-year virtual PPA underpins predictable income to fund intergenerational programs, de-risk municipal partnerships, and support borrowing for complementary projects.
  
• Platform for expansion: Stable balance-sheet cash flows facilitate add-ons like battery storage, agrivoltaics, or repowering, with the Nation controlling timing and scope.
  
• Better risk allocation: Public lender involvement can provide flexible covenants around curtailment, resource variability, and supply-chain delays, reducing default risk through the asset life.
  
• Enhanced environmental stewardship: Ownership aligns monitoring of biodiversity, reclamation, and end-of-life panel recycling with community values; reserves for decommissioning can be ring-fenced.
  
• Procurement leverage: Local and Indigenous suppliers can be prioritized for security, vegetation management, snow clearing, and component services, multiplying regional economic impact.
  
• Creditworthiness boost: Operating-track record under CIB oversight improves the Nation’s credit profile, lowering costs for future community infrastructure and clean energy investments.
  
• Reconciliation and policy outcomes: Demonstrates tangible self-determination in energy, supporting federal and provincial Indigenous-participation targets and attracting ESG-mandated capital.
  
• Corporate decarbonization link: Reliable delivery against K+S Potash Canada’s virtual PPA supports Scope 2 reductions, positioning the Nation as a preferred partner for industrial offtakers.
• Inflation resilience: Long-dated offtake with indexed pricing can hedge against cost-of-living pressures, stabilizing community budgets through economic cycles.
• Data ownership and transparency: Control over production, outages, and emissions-avoidance data allows the Nation to monetize certificates, verify impacts, and inform future grid negotiations.