Aboriginal Loan Guarantee Program is ensuring that First Nations and Métis benefit

eclipse NASA Image
Hinode captured this image of the January 6, 2011 solar eclipse. Credit: Hinode

THUNDER BAY – “The Aboriginal Loan Guarantee Program is ensuring that First Nations and Métis benefit from the province’s investments in energy. These investments are bringing jobs into communities, boosting local economies and making a real difference across the province,” stated Kathleen Wynne, Minister of Aboriginal Affairs. To date, the program has received applications totalling $250 million for projects that are expected to bring over 600 megawatts of clean, renewable energy online, which is enough to power 45,000 homes and create up to 2,800 new jobs. The expansion will make an additional $150 million available under the loan program.

“This program is an important part of our plan for a strong and prosperous Northern Ontario. Working as partners in land and resource development, we are unlocking Ontario’s clean energy potential and creating real and lasting opportunities for First Nation and Métis communities,” added Michael Gravelle, the Minister of Natural Resources.

The Aboriginal Loan Guarantee Program provides loan guarantees of up to 75 per cent of an Aboriginal community’s investment in an eligible project, helping to reduce barriers and make borrowing money to buy equity in eligible projects more affordable for First Nation and Métis communities. Ownership will help provide a community with guaranteed and sustainable long term sources of revenue.

Growing the clean energy sector is an important part of the McGuinty government’s plan to modernize Ontario’s electricity infrastructure, while ensuring we have the electricity we need to power our homes, schools, hospitals and the economy.

“First Nation and Métis communities in Ontario have an important role to play in Ontario’s energy future. Continuing to provide access to financial resources through the Aboriginal Loan Guarantee Program supports our ongoing commitment to encourage these communities to participate in, and benefit from, energy development,” commented Chris Bentley, the Minister of Energy

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