Thanks to a loan guarantee from the Alberta Indigenous Opportunities Corporation five Indigenous Nations have made a partner investment into a cogeneration unit at a gas plant in the County of Grande Prairie.
According to the AIOC, the $20.5 million deal with the Niyanin Nations LP, which is made up of the communities of the Horse Lake First Nation, Duncan’s First Nation, Sturgeon Lake Cree Nation, Sucker Creek First Nation and Aseniwuche Winewak Nation of Canada, will be used to invest in a 15-megawatt cogeneration unit at the Wembley Gas Plant. According to NuVista Energy, who is also a partner in the cogen unit, it will help offset over 9,000 tonnes of CO2 a year, which the company adds is a step towards meeting its environmental goals.
A release from the AIOC says “With this investment, the Niyanin and NuVista partnership will own a majority interest in the Cogen project. The terms of the transaction ensure long-term economic benefit to the participating Nations.”
President of the Aseniwuche Winewak Nation of Canada, David MacPhee says ownership is fundamental to sustainably developing Indigenous traditional lands and can create a path for the project to align with the idea of caretaking the land for future generations.
“Indigenous ownership has been something we have worked towards for a long time,” MacPhee says. ” This is one way the government can assist Nations to generate and sustain economic independence and make important improvements in our Nations.”
Through the investment, Niyanin will receive a share of the economic returns from the project. According to AIOC other Indigenous groups in the province have participated in similar deals, and the financial returns have done what MacPhee says by helping the nations provide support and improvements to their communities.
AIOC CEO, Chana Martineau says the Niyanin deal brings the total of loan guarentees the AIOC has made to $680 million.
“It is always heartening for me to see another group of new Nations continuing their journey towards the freedom and stability that comes from these investments, and for another company to show true action when it comes to reconciliation.”