(This week’s blog is condensed from a report by law firm Dentons in Canada, part of Dentons global.)
Over the past few years, a combination of federal and provincial government programs — anchored by loan guarantees, equity loans, and legislative reforms — has dramatically expanded the capital available to Indigenous communities seeking ownership stakes in major project developments in Canada.
And for project developers, the message is clear: Indigenous equity partnerships are no longer optional or aspirational — they are increasingly imperative for major infrastructure projects in Canada.
The federal Indigenous Loan Guarantee Program has grown from $5 billion to $10 billion. The Canada Infrastructure Bank’s Indigenous investment target has tripled to $3 billion.
Ontario’s Indigenous Opportunities Financing Program has been expanded to $3 billion and transferred to the Building Ontario Fund. Alberta’s Indigenous Opportunities Corporation now manages a $3-billion loan- guarantee pool and has closed nine transactions. Manitoba has launched a new $300-million Indigenous loan guarantee program tied to its Call for Wind Power. And the Building Canada Act of June 2025, established the Major Projects Office with an express mandate to ensure that nation-building projects create equity ownership opportunities for Indigenous communities.
This article surveys the seven principal government programs and initiatives currently facilitating Indigenous equity ownership in Canadian infrastructure, and identifies key themes for clients considering Indigenous equity partnerships.
Canada Infrastructure Bank
The Canada Infrastructure Bank operates two distinct financing initiatives to support Indigenous participation in infrastructure projects: the Indigenous Community Infrastructure Initiative and the Indigenous Equity Initiative.
The Indigenous Community Infrastructure Initiative (ICII), launched in 2021, provides low-cost, long-term loans to Indigenous infrastructure projects that combine public funding and/or private and institutional investment.
The ICII requires Indigenous community capital and/or other industry sponsor investment of at least 20% of project capital cost, with CIB investments of between $5 million and $100 million representing no more than 80%.
The Indigenous Equity Initiative (IEI), launched in 2023, is designed to provide Indigenous communities with access to capital to purchase equity stakes in infrastructure projects in which the CIB is also investing.
Through the IEI, the CIB provides equity loans of between $5 million and $100 million, with repayments targeted at 15 years at minimum Government of Canada interest rates. At least 10% of total Indigenous equity must be funded from the Indigenous partner. This initiative allows Indigenous groups to acquire stakes with as little as 10% of their own capital contribution.
Building Ontario Fund
The Building Ontario Fund finances and invests in major infrastructure projects across Ontario. In the 2025 Ontario budget, the province increased the fund’s capital allocation to $8 billion.
And the Indigenous Opportunities Financing Program was tripled to $3 billion and expanded beyond electricity transmission and generation projects to encompass energy, pipelines, mining, critical minerals, resource development, and related infrastructure.
Canada Indigenous Loan Guarantees
The Canada Indigenous Loan Guarantee Corporation administers the $10-billion federal Indigenous Loan Guarantee Program (ILGP), which provides loan guarantees to support Indigenous equity ownership in major projects across all industry sectors, except gaming. Loan guarantees are available between $20 million and $1 billion.
Its loan guarantees have included a $400-million guarantee supporting the Stonlasec8/Enbridge Westcoast pipeline transaction. (The Stonlasec8 Indigenous Alliance completed a $715-million acquisition of a 12.5% equity interest in Enbridge’s Westcoast natural-gas pipeline system. The landmark economic reconciliation deal involves 38 BC First Nations.)
Alberta Indigenous Opportunities Corporation
The Alberta Indigenous Opportunities Corporation (AIOC), established in 2019, was the first program of its kind in Canada. It manages a $3-billion Indigenous loan guarantee pool to support Indigenous investment in revenue-generating projects.
AIOC loan guarantees are available up to $250 million for investments across seven eligible sectors: natural resources, agriculture, telecommunications, transportation, tourism, healthcare, and technology.
AIOC has closed nine transactions, issued over $745 million in loan guarantees, and directly supported 43 Indigenous Nations and groups.
Saskatchewan Indigenous Investment Finance Corporation
The Saskatchewan Indigenous Investment Finance Corporation (SIIFC) offers up to $75 million in loan guarantees with a minimum guarantee amount of $5 million.
SIIFC supports Indigenous equity ownership in natural-resource development, value-added agriculture, and related infrastructure. Notably, SIIFC has supported George Gordon Developments’ $7-million loan guarantee for the 32 MW Wicehtowak Solar Project.
Manitoba Indigenous Loan Guarantee Program
Manitoba is the most recent province to establish an Indigenous loan-guarantee program.
The Manitoba Indigenous Loan Guarantee Program (MILGP) offers up to $300 million in loan guarantees to support Indigenous majority-owned wind-energy projects developed in response to Manitoba Hydro’s Call for Wind Power.
Individual loan guarantees range from a minimum of $25 million to a maximum of approximately $100 million. Eligible projects must be at least 51% Indigenous-owned.
The first proponents are expected to be selected in 2027. First projects are anticipated to reach commercial operation between 2030 and 2032.
Major Projects Office
The federal Major Projects Office (MPO, launched in August 2025, serves as a centralized coordination point for “nation-building” projects designated by cabinet as being in the national interest. Its mandate is to streamline regulatory review through a “one project, one review” framework and to deliver decisions within a two-year timeline.
Among the prescribed factors for designating a project of national interest is whether the project advances the interests of Indigenous peoples.
An 11-member Indigenous Advisory Council guides the MPO’s work on ensuring that major projects create opportunities for Indigenous equity ownership and responsible resource management.
Ottawa has committed $213.8 million over five years to fund the MPO, including $10.1 million to Crown-Indigenous Relations and Northern Affairs Canada for Indigenous consultation and $40 million to Indigenous Services Canada’s Strategic Partnerships Initiative for Indigenous capacity-building on major projects.
Key themes and takeaways
Several themes emerge from the current program landscape and recent transaction activity that are of direct relevance to project developers, investors, and Indigenous communities considering equity partnerships.
First, the financing ecosystem is growing increasingly deep and layered to support Indigenous equity participation at virtually any scale, and combined federal and provincial support can substantially eliminate the financing gap that has historically prevented Indigenous communities from acquiring a meaningful ownership stake in major projects.
Second, the structure of Indigenous equity investments is becoming more standardized but remains highly fact-specific. Legal, tax, and structural considerations — including the choice of investment vehicle, governance rights, distribution mechanics, and the interaction of the Indian Act with commercial lending — remain critical to successful execution.
Third, provincial programs continue to evolve rapidly. Clients operating across multiple provinces should be attentive to the differing eligibility criteria, sector scopes, and guarantee limits of each provincial program, as well as the opportunities for stacking federal and provincial guarantees to optimize financing costs.
Finally, the Major Projects Office and the Building Canada Act have created a new institutional architecture in which Indigenous equity participation is not merely encouraged but embedded in the review and approval process for nationally significant projects.
The Indigenous Advisory Council’s role in guiding the MPO’s work means that proponents seeking expedited review of nation-building projects should engage early and substantively with Indigenous communities regarding ownership opportunities.
For project developers, the message is clear: Indigenous equity partnerships are no longer optional or aspirational — they are increasingly imperative for major infrastructure projects in Canada.
- The original article in full, as it appeared on Dentons: https://bit.ly/4d2tol0
- Canada Infrastructure Bank: https://bit.ly/4ciAzoa
- Building Ontario Fund: https://bit.ly/4fR531J
- Canada Indigenous Loan Guarantee Corporation: https://bit.ly/4he1oxm
- Alberta Indigenous Opportunities Corporation: https://bit.ly/4fD3q96
- Saskatchewan Indigenous Investment Finance Corporation: https://bit.ly/4g7lzMl
- Manitoba Indigenous Loan Guarantee Program: https://bit.ly/4yVh6DZ
- Major Projects Office: https://bit.ly/4yT359K
Flag by the late Curtis Wilson (Mulidzas), a Kwakwaka’wakw artist, cultural educator, and carver from Vancouver Island
(Posted here 05 August 2026)
