Overview of the Aboriginal Loan Guarantee Program (ALGP)
- The $250 million Aboriginal Loan Guarantee Program supports Aboriginal participation in renewable green energy infrastructure in Ontario like wind, solar and hydroelectric.
- The program was announced in the 2009 Ontario budget and provides a guarantee for a loan to purchase up to 75 per cent of an Aboriginal corporation's equity in an eligible project.
- By participating in eligible renewable energy projects, First Nation and Métis communities can benefit from jobs and training as projects are developed and from dividends once projects come into service.
- The program includes both energy generation and electricity transmission projects, and there is a maximum of $50 million in loan guarantees per eligible project.
- The Ontario Financing Authority (OFA) administers the program. During the development of the program, the OFA discussed proposed criteria and sought input from Aboriginal communities and organizations, other ministries, electricity agencies and banks.
