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The Alberta Indigenous Opportunities Corporation (AIOC) expanded its mandate to create additional opportunities beyond natural resources (energy, mining and forestry) for Indigenous investment in major agriculture, telecommunications and transportation projects and related infrastructure.
Loan guarantee supports Frog Lake First Nation’s ownership of the Lindbergh Cogeneration Facility at Strathcona Resource Ltd.’s Lindbergh SAGD operation
April 27, 2021
CALGARY-Alberta — The Alberta Indigenous Opportunities Corporation (AIOC) has provided Frog Lake First Nation (Frog Lake) with a $27 million loan guarantee to support stable, long-term ownership of the Lindbergh cogeneration facility at Strathcona Resource Ltd.’s (Strathcona) Lindbergh Steam-Assisted Gravity Drainage operation. AIOC’s loan guarantee preserves the on-going business partnership between Frog Lake and Strathcona, avoiding any divestment of Frog Lake’s 100 per cent ownership stake and provides them with long-term cost of debt certainty.
Frog Lake initially financed its acquisition of the Lindbergh cogeneration facility with self-funded equity and bank debt that matured on April 1, 2021, with an agreement to lease the facility back to Strathcona on a fixed-rate deal that generates monthly cash flows for Frog Lake. With the debt approaching its maturity and Frog Lake faced with diminished access to capital and a strong likelihood of unfavorable refinancing terms, Frog Lake was forced to reexamine its ownership stake. With the AIOC’s 15-year loan guarantee, Frog Lake is able to retain its ownership stake and secure steady cash flows for the duration of the loan.
“This project is an example of the Alberta Indigenous Opportunities Corporation’s commitment to driving and preserving Indigenous investment in Alberta’s natural resource sectors,” says Alicia Dubois, CEO, AIOC. “AIOC is proud to support long-term Indigenous ownership in natural resource projects and in turn, bolster economic prosperity in Indigenous communities across the province”.
Frog Lake will retain $6.7 million of unlevered equity capital invested in the Lindbergh facility, sharing the equity risk with AIOC.
About the AIOC
Alberta Indigenous Opportunities Corporation (AIOC) is a provincial Crown corporation established in November 2019.
AIOC guarantees loans to Indigenous groups to facilitate investment in natural resource projects and related infrastructure.
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March 16, 2021
CALGARY-Alberta — The Alberta Indigenous Opportunities Corporation (AIOC) is pleased to welcome Amber-Dawn Boudreau to its executive team in the role of Vice President, Engagement effective immediately. Amber most recently worked at CIBC, as Senior Manager on their Commercial Banking, Indigenous Markets team in Ontario.
Alicia Dubois, Chief Executive Officer at the AIOC, said “We are thrilled to have Amber join us as we expand our engagement efforts with Indigenous communities in Alberta. Amber will actively engage with and support Indigenous communities and the economic ecosystem so that the AIOC is positioned to advance Indigenous investments in Alberta’s natural resource sectors. The AIOC is committed to advancing Indigenous communities and prosperity across the province and Amber will energize our commitment by working closely with and supporting our key Indigenous partners as they work to develop strong business partnerships and investment opportunities.”
In her role, Amber will serve as a key first point of contact for Indigenous groups looking to invest in natural resource projects that will advance their community’s prosperity and engagement in the economy. She will be instrumental in developing strategies and processes that will allow the AIOC to have meaningful, ongoing engagement with First Nations and Métis Settlements on resource-based projects, while developing a strong understanding of each community’s unique objectives and priorities.
“I am inspired by the AIOC’s historical and impactful mandate and am honoured to join the AIOC team,” said Amber. “I’m looking forward to expanding and strengthening our presence and relationships across Alberta and continuing to drive economic growth and prosperity in Indigenous communities.”
Amber is a proud member of the Red Rock Indian Band in northwestern Ontario and comes to the AIOC with more than 18 years of experience in the banking industry. She has a strong background in Indigenous Commercial Banking, with experience in Enterprise Commercial Banking, Small Business and Personal Markets and Investments. Amber currently serves on the Board of Directors for Algoma Family Services. Before joining the AIOC, she acted as interim Team Lead and Senior Manager for CIBC’s Indigenous Markets Team and actively mentored women in Commercial Banking. Prior to her career in banking, Amber worked at an Ontario law firm that specialized in Aboriginal Law and acted as a Community Facilitator for the Self-Governance and Education Initiative with the Union of Ontario Indians.
To learn more and connect directly with the AIOC, please email email@example.com
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