VCIB and Six Nations of the Grand River Development Corporation Announce $31 Million Refinancing for Niagara Region Wind Farm
- The refinancing by VCIB supports Indigenous participation in the clean energy economy and will free up additional funds for the Six Nations of the Grand River Community.
- Advantageous, community-first lending terms are made possible through the Province of Ontario’s Aboriginal Loan Guarantee Program.
VCIB IS LOCATED ON THE TRADITIONAL TERRITORY OF MANY INDIGENOUS NATIONS, INCLUDING THE HAUDENOSAUNEE/SIX NATIONS AND THE MISSISSAUGAS OF THE CREDIT and TORONTO, Nov. 17, 2021 (GLOBE NEWSWIRE) -- Vancity Community Investment Bank (VCIB) and Six Nations of the Grand River Development Corporation (SNGRDC) are pleased to announce the successful close of $31 million in refinancing for the 230 MW Niagara Region Wind Farm. The 77-turbine wind farm was developed by Boralex Inc. and is the second largest in Ontario by installed capacity.
The loan from VCIB refinances a portion of SNGRDC’s fifty per cent ownership stake in the wind farm and is one of 20 projects in the SNGRDC portfolio providing a revenue stream for the Six Nations community through the sale of electricity to the Ontario grid. This financing illustrates the benefits of Indigenous participation in Ontario’s clean energy economy. Through the SNGRDC, profits are invested in critical infrastructure and grassroots projects for the Six Nations community through a transparent, community-led application-based process administered by the Six Nations of the Grand River Economic Development Trust.
The refinancing demonstrates the role that public-private financing partnerships can play in advancing community economic development. A $23 million guarantee by the Province of Ontario through its Aboriginal Loan Guarantee Program enabled VCIB to provide a larger loan on advantageous terms, which will position SNGRDC to direct more funds back to the community.
Courtesy of GlobalNewswire