July 30, 2012, Toronto, ON - Ontario is expanding the Aboriginal Loan Guarantee Program to encourage First Nation and Métis participation in the province's clean energy economy.
To date, the program has received applications totalling $250 million for projects that are expected to bring over 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.
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.
"First Nation and Métis communities in Ontario have an important role to play in Ontario's energy future. 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,” said Chris Bentley,
Minister of Energy.