George Gordon Developments Ltd. to receive loan guarantee of up to $7 million
Today, the Saskatchewan Indigenous Investment Finance Corporation (SIIFC) announced that it will provide a loan guarantee of up to $7 million to George Gordon Developments Ltd (GGDL). The loan guarantee will support GGDL’s equity investment in its 32-megawatt Wicehtowak Solar Project that will be located near K+S Potash Canada’s Bethune mine site in Treaty 4 territory.
“This SIIFC loan guarantee is another major step towards achieving true and lasting economic reconciliation in the province,” Trade and Export Development Minister Warren Kaeding said. “This fully Indigenous-owned project supported by SIIFC will help to create Indigenous jobs, business opportunities and economic growth for George Gordon First Nation and benefits for the entire province.”
The $82 million Wicehtowak Solar Project will provide power directly to the K+S Potash mine at Bethune through a 30-year power purchase agreement between the company and GGDL. Approximately 20 full-time jobs will be created during construction of the project. The new solar facility is anticipated to generate enough clean electricity to power the equivalent of over 5,600 Canadian homes annually.
“We are proud to facilitate this strategic partnership with the Saskatchewan Indigenous Investment Finance Corporation and the Bank of Montreal,” GGDL’s Chief Financial Officer Randle Green said. “Securing full equity ownership of the Wicehtowak Solar Project positions George Gordon First Nation to play a leading role in Saskatchewan’s renewable energy sector while strengthening long-term economic sustainability for the community.”
SIIFC was established to support Indigenous economic reconciliation in the province by providing access to capital for Indigenous communities and entities participating in Saskatchewan’s natural resource and value-added agriculture sectors.
For more information, visit siifc.ca.
For more information, contact:
Media Relations
Trade and Export Development
Regina
Phone: 306-526-6302
Email: media.ted@gov.sk.ca