Ontario expands Aboriginal Loan Guarantee Program for energy projects
By Anthony Capkun
July 30, 2012 – Ontario is expanding the Aboriginal Loan Guarantee Program to “encourage First Nation and Métis participation in the province’s clean energy economy”, make an additional $150 million available under the loan program.
To date, the program has received applications totalling $250 million for projects that are expected to bring over 600MW of renewable energy online, and create up to 2800 new jobs.
The Aboriginal Loan Guarantee Program provides loan guarantees of up to 75% of an Aboriginal community’s investment in an eligible project, helping to make borrowing money to buy equity in eligible projects more affordable for First Nation and Métis communities, says the government. Ownership will help provide a community with long-term sources of revenue.
“This program is an important part of our plan for a strong and prosperous Northern Ontario,” said Michael Gravelle, MPP for Thunder Bay-Superior North. “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.”