CALGARY – The Canada Infrastructure Bank (CIB), Chiniki and Goodstoney First Nations and ATCO Ltd. announce financial close on the Deerfoot and Barlow Solar projects – the largest solar installation in an urban centre in western Canada.
The CIB has committed $78.8 million towards the sustainable energy projects. The Chiniki and Goodstoney First Nations will be majority owners with a 51% ownership profile with Canadian Utilities Limited, an ATCO company, owning a 49% stake.
The Chiniki and Goodstoney First Nations’ majority ownership of the projects is expected to generate economic returns for both communities and support their focus as environmental stewards on their traditional territory.
Located in southeast Calgary, the solar projects are expected to reduce greenhouse gas emissions by approximately 50,000 tonnes annually – a significant contribution towards the province’s energy transition.
The 37-megawatt Deerfoot and 27-megawatt Barlow solar installations will have combined 175,000 bifacial solar panels, generating enough renewable electricity to power approximately 16,500 homes.
Through the Indigenous Community Infrastructure Initiative (ICII), the CIB is investing in projects which provide a service or a direct benefit to Indigenous communities. This project represents the CIB’s first ICII clean power investment to reach financial close in Alberta.
Our investment in the Deerfoot & Barlow solar projects will help foster economic resiliency for the Chiniki and Goodstoney First Nations and advance the transition to the clean energy economy. Through our Indigenous Community Infrastructure Initiative, we’re partnering with Indigenous communities to help deliver sustainable infrastructure benefitting future generations for years to come.
Our government is committed to building greener, more resilient communities through our infrastructure investments. The Canada Infrastructure Bank’s investment will help deliver one of the largest urban solar projects in Western Canada, and will provide Canadians with sustainable energy alternatives for generations to come.
The Government of Canada is pleased to work with industry and Indigenous partners to deploy clean, reliable, and affordable power across Canada. These announcements, with the Chiniki and Goodstoney First Nations, are a great example of Indigenous-led clean energy leadership, helping to deploy 175,000 new solar panels. The Canada Infrastructure Bank is continuing to help deploy good, job-creating energy projects across the country.
Calgary’s economy is on the cutting edge of all things energy. I am pleased that our Government is making strategic investments in solar to support the hard-working Calgarians who power Canada.
Investments in sustainable energy projects are vital to achieving our goal of net-zero emissions by 2050. This $78.8 million investment will play an important role as we continue working with our partners to foster green and resilient communities, while building a more sustainable future.
These projects set a precedent for Indigenous participation in renewable energy projects in Canada. Through collaboration with the Canada Infrastructure Bank and our partners at ATCO, we have an exciting opportunity to not only support energy transition but generate economic growth for our First Nations communities.
With our equal partnership with ATCO and support from the Canada Infrastructure Bank, we are fostering economic advancement for our First Nations communities for generations to come. Indigenous involvement in infrastructure projects such as Deerfoot and Barlow underscores the pivotal contribution of our voices in shaping an equitable and sustainable future.
For decades ATCO has partnered with Indigenous communities to create truly equitable partnerships and today we are thrilled to officially welcome Chiniki and Goodstoney First Nations as majority partners in this important clean energy infrastructure. This is another example of how we’re enabling prosperity and a brighter future in the communities we serve.
We appreciate the trust the Nations put in Axxcelus to act as the exclusive advisor on this important opportunity. This complex transaction represents the best possible example of collaboration between industry, government, and the Nations to produce vital progress toward economic self-determination for these Communities.
- Bifacial solar panels produce power from both the front and backside of the solar cells.
- The CIB has a commitment to invest $35 billion over the long-term across its priority sectors, with a target to invest a minimum of $1 billion in partnership with and for the benefit of Indigenous Peoples.
- This investment is part of the CIB’s Clean Power priority sector which focuses on collaborating with government, Indigenous, private sector and institutional investors to enable sustainable power sources.
- All CIB investments are subject to approval by its Board of Directors.