VCIB, Six Nations of the Grand River Development Corporation announce wind farm refinancing deal
Vancity Community Investment Bank (VCIB) and Six Nations of the Grand River Development Corporation (SNGRDC) have announced $31 million worth of refinancing for the 230 MW Niagara Region Wind Farm.
The loan from VCIB refinances a portion of SNGRDC’s 50 percent ownership stake in the 77-turbine 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.
The farm is the second largest of its type in Ontario.
The SNGRDC reinvests profits from its portfolio into 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.
“The savings brought about through this refinancing, will directly enhance our ability to fund our community priorities, all of which are geared to the collective benefit of the entire Six Nations community,” said SNGRDC president and CEO Matt Jamieson.
Since 2016, SNGRDC has invested over $12 million of surplus profits back into the Six Nations of the Grand River community. Projects have included the installation of watermains, the purchase of fire trucks and fire equipment, and also grassroots initiatives like Rekindling Our Fires Suicide Prevention awareness, The Golden Spoon elders outreach program and Two Row on the Grand Cultural Programming.
The SNGRDC manages the Six Nations’ economic interests in 20 renewable energy projects and numerous economic development opportunities, in and around the Six Nations territory.
Featured image: The Niagara Region Wind Farm. (Six Nations of the Grand River Development Corporation)