To date, the program has received applications totalling $250 million for projects that are expected to bring more than 600 megawatts of clean, renewable energy online, which is enough to power 45,000 homes and create up to 2,800 new jobs.
The expansion will make an additional $150 million available under the loan program, according to a news release.
The Aboriginal Loan Guarantee Program provides loan guarantees of up to 75 per cent of an Aboriginal community's investment in an eligible project, helping to reduce barriers and make borrowing money to buy equity in eligible projects more affordable for First Nation and Métis communities.
Ownership will help provide a community with guaranteed and sustainable long-term sources of revenue, the province stated in the press release.
“First Nation and Métis communities in Ontario have an important role to play in Ontario's energy future,” Chris Bentley, Minister of Energy, said. “Continuing to provide access to financial resources through the Aboriginal Loan Guarantee Program supports our ongoing commitment to encourage these communities to participate in, and benefit from, energy development.”
"The Aboriginal Loan Guarantee Program is ensuring that First Nations and Métis benefit from the province's investments in energy,” Kathleen Wynne, Minister of Aboriginal Affairs, said. “These investments are bringing jobs into communities, boosting local economies and making a real difference across the province.”
Renewable energy projects like solar, wind, and hydroelectric and new transmission are eligible for the Aboriginal Loan Guarantee Program.
In 2011, the Mother Earth Renewable Energy Project and the Lower Mattagami Project were approved for loan guarantees under the Aboriginal Loan Guarantee Program. Since 2003, Ontario has brought more than 10,000 megawatts of new and refurbished clean energy online — enough to power Ottawa and Toronto combined.
Posted by Arron Pickard