Manitoba Indigenous Loan Guarantee Program

The Manitoba Indigenous Loan Guarantee Program (MILGP) enables Indigenous Nations to share in the economic growth and financial benefits of developing renewable wind energy projects. The projects will provide Manitoba with additional energy security, create thousands of jobs and provide Indigenous Nations with a steady stream of revenue to pay off loans and invest in their communities.

It will create a future where all Manitobans benefit from lower cost energy.

The MILGP is an initiative announced as part of Manitoba's Affordable Energy Plan and Budget 2025 to support First Nations, and Métis in securing equity for energy transition and new wind generation partnerships.

It was developed to support First Nations and Métis participation in Manitoba Hydro's Call for Wind Power for near-term wind generating projects with Indigenous majority ownership for up to 600 megawatts of utility-scale wind generation capacity. A Request for Proposals that will be issued by Manitoba Hydro later this summer will determine successful project bids.

Program Overview

Government-backed loan guarantees increase access to capital helping First Nations, and the Manitoba Métis Federation overcome historic barriers and become meaningful equity partners and owners of energy projects. Equity ownership in these projects will provide significant financial benefits and advance economic participation for Indigenous Nations. Partnerships between Indigenous Nations across Manitoba are supported and encouraged.

Manitoba Natural Resources and Indigenous Futures (NRIF) is collaborating with Manitoba Finance to establish the MILGP aimed at nation-to-nation economic partnerships. Initially focused on wind projects, the MILGP will offer up to $300 million in guarantees.

Indigenous loan guarantee programs operate throughout Canada, including loan guarantees from the Government of Canada and other provincial governments. The Manitoba Government encourages First Nations and Métis to explore opportunities for guarantees available from the Government of Canada to secure the lowest cost of financing.

Program Description

An Indigenous Loan Guarantee Program will advance economic reconciliation by enabling Indigenous Nations to better share in the financial benefits of viable renewable wind energy projects in Manitoba. Indigenous Nations have historically had fewer options for securing capital or leveraging collateral, leading to increased borrowing rates that create a barrier to equity investment in major projects. Loans to be secured from a financial institutions or other lenders may be guaranteed by the Manitoba Government. This will provide participants the ability to access lower interest rates than otherwise would be available because they are supported by Manitoba's credit rating.

The program will support projects that provide a steady stream of revenue to pay back loans and invest into projects to improve Indigenous communities. Projects will also provide up to 600 megawatts of utility-scale wind generation capacity to Manitobans and create thousands of jobs in the process. Increasing domestic supply creates a future where all Manitobans benefit from lower cost energy.

Eligibility Criteria

The criteria is subject to change based on responses to Manitoba Hydro’s Expression of Interest in the Call for Wind Power and ongoing engagement.

Eligibility Criteria	Examples of Documentation
Project Partnership and Equity Ownership Structure 51% of the project must be owned by Indigenous (First Nations or Métis) organizations located in Manitoba and must be represented through a special purpose vehicle or entity. A consortium approach can be considered.	Letter of intent, shareholder documentation, articles of incorporation.
Band Council Resolution or Resolution of the MMF Cabinet Only applicants with approval and endorsement of their Chief and Council or MMF Cabinet qualify.	A Band Council Resolution from each participating First Nation or a Cabinet Resolution from the Manitoba Métis Federation is required.
Loan Guarantee Amount Applicants seeking a minimum of $25 million and a maximum of approximately $100 million in loan guarantee from Manitoba will be eligible.	Documents that indicate the anticipated value to which the loan guarantee will be applied. Documents that indicate the anticipated sources of project financing requiring a loan guarantee, such as financing sought from lending institutions (e.g., banks or credit unions).
Project Type, Size and Location An eligible project will align with Manitoba Hydro's project requirements found here. Project locations that do not align with Manitoba Hydro's requirements are not eligible at this time.	Documents that describe the project, including anticipated size and expected energy generation. Project description should align with information provided to Manitoba Hydro. If project details change between MILGP application and Manitoba Hydro RFP submission, details must be updated with the MILGP.
Financial Viability The project must demonstrate commercial viability.	Documents that provide comprehensive financials including financial models, contracts and financial statements, if available.
Project Construction Timeline While projects with varying construction timelines are eligible to apply, MH intends to pursue an expedited schedule for at least one project to begin operation as early as 2029 with construction expected to begin by spring 2027.	Documents that provide a project plan with critical milestones for the construction of the project, and anticipated timelines and activities to become operational.
Business Plan Applicants will need to provide a business plan with an overview of project financing, risk mitigation and operational considerations.	Documents that provide a business plan with an overview of project financing, risk mitigation, and operational considerations. Business plan should align with information provided to Manitoba Hydro. If business plan details change between MILGP application and Manitoba Hydro RFP submission, details must be updated with the MILGP to ensure consistency.
Special Purpose Vehicle Applicants will need to demonstrate how a special purpose vehicle will be applied to the project.	Documents that outline the creation and the terms of the special purpose vehicle as a legal entity.

Timeline

The timeline has been developed to coincide with Manitoba Hydro's Call for Wind Power and is subject to change:

Launch of Manitoba's Affordable Energy Plan: September, 2024
Notice of intended procurement: February 17, 2025
Wind symposium: March 19, 2025
Budget 2025 introduced $300M for Indigenous Loan Guarantee Program: March 20, 2025
Expression of interest (EOI) issued on MERX: June 13, 2025
MILGP pre-application opens: summer 2025
Request for proposals (RFP) issued on MERX: summer 2025
MILGP issues conditional approval: fall 2025
RFP closing: fall 2025
Hydro announcement of successful bids: spring 2026
MILGP issues final loan guarantee approval for successful bids: spring 2026

Frequently Asked Questions

Information below will be updated based on responses to Manitoba Hydro's Expression of Interest in the Call for Wind Power

+ - Who is eligible to apply?

Applicants must be First Nations in Manitoba or the Manitoba Métis Federation.

+ - Is there a fee to apply?

There is no fee to apply to the MILGP.

+ - What level of Indigenous ownership is required?

Projects must be majority-owned (51 per cent or more) by an Indigenous Nation (or multiple Nations) in Manitoba. Non-Indigenous ownership can comprise up to 49 per cent of the project.

+ - What types of investments are eligible?

Eligibility is open to equity investments in projects in Manitoba Hydro`s Call for Wind Power. Equity investments of at least 51 per cent will enable the Indigenous Nation(s) to have majority ownership in the project.

+ - What types of projects are eligible?

The MILGP is limited to applicants participating in Manitoba Hydro's Call for Wind Power request for proposals (RFP) process. See the Manitoba Hydro website for details.

+ - Can applicants participate in other loan guarantee programs or receive federal financing?

Applicants may be eligible to participate in other loan guarantees or receive other sources of funding. Applicants will be required to describe and disclose all sources of anticipated financing for review by the MILGP.

+ - Where must an eligible project by located?

Projects that align with Manitoba Hydro's approved locations will be eligible for the MILGP. See the Manitoba Hydro website for information. Applicants can be located throughout the province. Partnerships between Indigenous Nations across Manitoba are supported and encouraged.

+ - What about other clean energy projects?

Communities across Manitoba are already investing in clean energy at the community scale. These projects, like solar photovoltaics, run-of-the-river hydro and bioenergy, provide a small but important role for rural, remote and off-grid northern communities to participate in the clean energy economy, and will be included in Manitoba Hydro's new Integrated Resource Plan. The MILGP is limited to applicants participating in Manitoba Hydro's Call for Wind Power RFP process.

+ - When will the MILGP accept applications?

The MILGP will be open for pre-application submission starting July 1, 2025. Please check the MILGP website regularly for updates.

+ - Do applicants have to produce a minimum contribution (e.g., 10 per cent)?

Applicants do not have to commit a minimum percentage of the project value. However, the MILGP may have a preference for applications that are prepared to commit funding to the project.

+ - How are applications evaluated?

There is a two-step application process. Applicants will provide a pre-application submission to the MILGP seeking conditional approval to support the project bid in Manitoba Hydro's Call for Wind Power RFP. The MILGP will provide final guarantee approval for successful project bids following additional due diligence.

Applications are evaluated on a variety of financial and operational metrics. Some of the criteria include the project's financial viability, governance and management, commercial potential, implementation plan, long-term sustainability and overall feasibility. In the pre-application submission, applicants must identify their sources of financing for which a government guarantee is requested and all other sources of financing for the project, which could include a combination of:

government institutions
loan guarantee programs
financial institutions
third-party investors
bond issuances
other financing

Note: The goal of the MILGP is to align evaluation criteria with Manitoba Hydro's Call for Wind Power RFP. Guarantees will be conditionally approved subject to further assessment and due diligence. Successful applicants may need to receive approval from other government departments as outlined by Manitoba Hydro's Call for Wind Power.

+ - Is the Manitoba government providing capacity funding for potential project proponents?

Manitoba Natural Resources and Indigenous Futures (NRIF) may provide funding to support proposals for viable projects proceeding through Manitoba Hydro's Call for Wind Power. NRIF will accept funding requests or proposals from Nations that are related to the loan guarantee program application or responding to requests for proposals. All submissions will be reviewed by the department and must be approved. Any funding supports beyond this may be considered by NRIF at the request for proposal review phase.

+ - For applicants who are interested in a project outside of the scope of Manitoba Hydro's Call for Wind Power RFP, how can they engage with the Manitoba Government?

The Manitoba Government encourages applicants to build partnerships and engage with NRIF even if a project currently falls outside the scope of the eligibility criteria. For more information, please contact:
IBD.General@gov.mb.ca

+ - How can applicants find more information?

Applicants can contact the MILGP at MILGP@gov.mb.ca. Please check the MILGP website regularly for program updates. Questions related to Manitoba Hydro's Call for Wind Power can be directed to Manitoba Hydro.

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