The project started in November, 2009, and a contract offer was received from the Ontario Power Authority in April of 2010.
The panel manufacturer was selected in June 2010 – a process aided by Dr. Kherani at University of Toronto – and the first EPC contract for the entire project was negotiated with Johnson Conrols (JCI) in July, 2011.
The first OFINA templated agreement was negotiated in May 2011; and the first BMO credit terms were also negotiated in May 2011, including BMO’s insistence on a performance guarantee template from JCI.
BMO withdrew the project debt offer in July 2012, but remained in for equity, so AFN approached Stonebridge in July 2012 for funding and negotiated a 20 year agreement for funding fixed at 5.58%. Financial close was April 2013 with Stonebridge, and BMO stayed in for the equity portion and we are now negotiating a $4.0M OFINA loan guarantee.
The Project will provide significant financial benefits to the First Nation but because it was the first 100% First Nation owned project, there was a lot of learning for a lot of people.
The Project has been frustrating at times but everyone is glad to see it nearly complete. Project was completed by September 28, 2013, and the Commercial Operation Date is October 28, 2013.