Year in Review

2024-2025 DEALS

How We Measure Success

AIOC empowers Indigenous investment that provides real, immediate financial returns to First Nations and Métis groups. This, in turn, supports Indigenous communities to determine how those cash flows are used to support their communities’ objectives and participation in the economy.

Two Deals Closed

In 2024-2025, AIOC supported two transactions, bringing the current number
of projects up to nine. As a first for our program, AIOC facilitated Indigenous
investment in a renewable energy (solar power) project.

Gentleman smiling in conversation at AIOC Enoch office opening

2 Deals

Two dancers in traditional attire doing ceremonial dance at AIOC Enoch office opening

2 First Nations

Two AIOC employees at the AIOC Enoch office

$67 Million

Project 1

Clearwater Midstream Assets Expansion

Project Partner:

Tamarack Valley Energy

Indigenous Partner:

Bigstone Cree Nation

$45 Million Loan Guarantee

In December 2023, AIOC provided a $150 million loan guarantee to support the 12 First Nations and Metis Settlements
of Wapiscanis Waseskwan Nipiy (WWN) Limited Partnership in financing an investment in oil and gas midstream
infrastructure in the Clearwater play in Northern Alberta.

The following September, a 13th First Nation – Bigstone Cree Nation, who is new to the program –
was unanimously approved by WWN to join the partnership.

“The expansion and re-opening of the deal to an additional investor is unprecedented,” explains
Chana Martineau, CEO of AIOC. “It demonstrates collaborative leadership and flexibility from all parties involved.”

To facilitate the expanded deal, Tamarack Valley Energy Ltd. sold additional assets to the partnership
and AIOC issued an additional loan guarantee of $45M (totaling $195M):
making this the second-largest AIOC project to date both in terms of the total
loan guarantee amount
and number of communities participating.
This is the first deal Bigstone Cree Nation
has participated
in as an equity partner.

Project 2

Duchess Solar

Project Partner:

Elemental Energy

Indigenous Partner:

Cold Lake First Nations

$22 Million Loan Guarantee

To close our 2024-2025 fiscal year, AIOC provided a $22 million loan guarantee to support an Indigenous-led solar energy project. This transaction expands the AIOC investment portfolio into renewable energy – supporting the energy transition and economic reconciliation at the same time.

As the controlling shareholder (with 54% equity), Cold Lake First Nations (CLFN) co-led the investment in partnership with
Elemental Energy and the various lenders. The project is expected to generate immediate cash flow to CFLN
through fees and tax credits, in addition to a 30+ year cash flow stream.

Estimated completion of the infrastructure is Spring 2026 and will generate more than 100 jobs during the construction phase. The 19.8 MW solar facility in Duchess, Alta. Will supply 7,000 households with power produced by
49,7000 solar photovoltaic panels.

This project demonstrates the evolution and development of the Indigenous financial ecosystem and the leading role of AIOC. It involved a new lender, Equitable Life Insurance, and was
supported through a subordinated loan and an Indigenous Equity Initiative loan from the
Canada Infrastructure Bank (CIB). This is a first step in hopefully many collaborations
between AIOC and the various federal programs.

“Cold Lake First Nations is honoured and proud to announce Duchess Solar with our partner Elemental Energy. Building from our vision of expanding our portfolio in clean energy, we look forward to development and operations of a project that will benefit our community for decades. We would like to acknowledge the commitment and creativity of our financial partners, the CIB, AIOC, Selkirk and Equitable Life who have made the financial resources possible for CLFN to hold a majority ownership position. We are grateful for the opportunity to work alongside our partners to
deliver an innovative commercial structure.”

Chief Kelsey Jacko, Cold Lake First Nations

Project 3

Aspen

This year, AIOC was involved in what would have been one of the largest Indigenous equity partnerships
in Canadian history. We committed a $1 billion loan guarantee to back a proposed investment by up to 72 First Nations
and Metis Settlements in natural gas infrastructure across Alberta, British Columbia, and Saskatchewan. The deal offered
meaningful ownership in key assets owned by TC Energy and represented a strong show of unity and collaboration among
Indigenous groups working toward economic self-determination.

Despite a successful marketing and pricing of a $1 billion bond to financial institutions across Canada,
TC Energy was unable to close the transaction due to a structural issue within the NGTL partnership. While it was
very disappointing to not be able to close the transaction, it was a strong testament to the
Indigenous groups’ ability and willingness to come together and get to a negotiated and priced transaction.
It also demonstrated the strong support of the Government of Alberta and AIOC to support very large
investments with demonstrable benefits to a large number of Indigenous groups.

Milestones and Accomplishments

Five Years of Impact

This year marked the 5th anniversary of Alberta Indigenous Opportunities Corporation. When we first began in 2019, the idea of providing loan guarantees to facilitate meaningful Indigenous participation in the economy was a relatively new concept, and seen as an opportunity by the Government of Alberta. AIOC’s innovative model has proven to be highly successful and is being emulated in other provinces and at the federal level.

To recognize the occasion, we hosted an event at River Cree Casino on the Enoch Cree Nation this past October.

Female dancer in traditional attire doing ceremonial dance at AIOC 5year anniversary event

Couple of ladies laughing and talking at 5year anniversary event

Lady in traditional ceremonial clothing performing a dance

Watch: 5th Anniversary Event Highlights

AIOC Opens the Door to Tourism

In 2024, Alberta’s government expanded AIOC’s mandate to include projects related to the tourism sector. This allows us to issue loan guarantees (between $20 million - $250 million) to qualifying projects to enable Indigenous investment in tourism projects.

“As one of the key pillars of our provincial Tourism Strategy, Alberta’s government is invested in supporting the AIOC’s mandate and our growing Indigenous tourism industry,” explained Andrew Boitchenko, Minister of Tourism and Sport.

“Indigenous communities, entrepreneurs and operators are creating and expanding tourism possibilities with new and authentic ways to share their rich culture, histories and traditions with travellers from around the world, boosting community prosperity, and offering opportunities for Albertans and visitors alike to learn about reconciliation.”

A New Office on Treaty 6 Territory

Man laughing and chatting with Chana Martineau

To establish a presence in Alberta’s Capital, AIOC chose to locate our office on the Enoch Cree Nation,
bordering Edmonton on the west end. The office opened in February 2025 and sits on Treaty 6 Territory.

“AIOC was created to further economic participation by First Nations and Métis groups, and the best place to do that is on
Indigenous territory. It reinforces our dedication to supporting Indigenous growth,” said Chana Martineau, CEO of AIOC.

Darnell Morin, Enoch Cree Nation’s Senior Manager of Business Development said the decision is meaningful.

"We're glad to have the AIOC team located on
First Nations lands. What AIOC is doing is very important.
One hundred and fifty years in the making."

How We Work

Looking Ahead

Download Highlights Report

Land acknowledgement

We acknowledge that Alberta is the traditional and ancestral territory of many peoples, presently subject to Treaties 6, 7, and 8. This encompasses the Blackfoot Confederacy – Kainai, Piikani, and Siksika – the Cree, Dene, Saulteaux, Nakota Sioux, Stoney Nakoda, and the Tsuu T’ina Nation and the Métis People of Alberta, including the Metis Settlements and the five territories of the Otipemisiwak Métis Government of the Métis Nation within Alberta. We are grateful for the many First Nations, Métis and Inuit who have lived and cared for these lands and their resources for generations. We give thanks for the traditional Knowledge Keepers and Elders who are here with us today and those who have gone before us and for what they have taught us about the gifts these lands offer.