In August 2020, AIOC provided a $93 million loan guarantee to facilitate six First Nations in becoming equity partners in the Cascade Power Project (“Cascade”), a major natural gas-fired power facility being constructed near Edson, Alberta.
Cascade is a $1.5 billion, 900 MW Combined Cycle Gas Turbine (“CCGT”) power plant that is expected to supply 8% of Alberta’s average electricity demand through highly efficient and low-emissions electricity. It is anticipated to be complete in 2023.
The six First Nations invested through a partnership with OPTrust, a major Canadian pension fund, and a holding vehicle owned by Alexis Nakota Sioux Nation, Enoch Cree Nation, Kehewin Cree Nation, O’Chiese First Nation, Paul First Nation and Whitefish Lake First Nation #128. This makes the First Nations material equity partners in a major Alberta-based power project, expected to lead the province’s transition away from coal-fired power. The project will provide long-term, stable distributions to the partners, in amounts forecasted to total hundreds of millions of dollars over the project’s 30-year life.
