A loan guarantee from the Saskatchewan Indigenous Investment Finance Corporation (SIIFC) of up to $7 million will support an Indigenous-owned project.
It will create jobs, business opportunities and economic growth for George Gordon First Nation and the entire province, according to Warren Kaeding, Saskatchewan's trade and export development minister.
George Gordon Developments Ltd. will receive the guarantee loan, which will go towards supporting its equity investment in the 32-megawatt Wicehtowak Solar Project. The project will be built near K+S Potash Canada's Bethune mine site in Treaty 4 territory. Bethune is located 59 km northeast of Regina.
"This SIIFC loan guarantee is another major step towards achieving true and lasting economic reconciliation in the province," Kaeding said.
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 George Gordon Developments Ltd. Construction is expected to begin later this year, with commercial operation projected to begin in Q4 of 2027.
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.
"Wicehtowak Solar represents what's possible when Indigenous leadership and industrial innovation come together," said Don Ross, CEO of George Gordon Developments Ltd..
"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," said Randle Green, George Gordon Developments Ltd.'s chief financial officer.
In May, as part of its drive towards adding more renewable power into the system, SaskPower announced the new 200 MW Rose Valley wind project, to be built east of Assiniboia, and a 100 MW Southern Springs solar project to be built south of Coronach.
In June, the federal government was developing legislation to speed up work on certain projects with a streamlined regulatory approval process as a substitute for reviews under the Impact Assessment Act.
In June of 2024, six Indigenous partners and Enbridge came together to build one of the largest wind power projects in the province, enough to power 100,000 homes.
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.
More information can be found on the Saskatchewan Indigenous Investment Finance Corporation's website.