Why MU2’s Financial Close Is a Big Deal for Mi’gmaq Ownership

Press Release

January 13, 2026

When a project like MU2 reaches financial close with loans directly in our name, it is a major step forward for Mi’gmaq ownership and economic independence. Here’s what that actually means in plain language:‍

‍What financing did the Mesgi’g Ugju’s’n 2 (MU2) actually secure?

To build a project the size of MU2, you do not pay for it in cash up front. Like a family buying a home, large infrastructure projects use long-term loans that are repaid over time using the revenue the project generates. For MU2, that financing was secured directly in the name of the Mi’gmaq partners.

‍The total financing package included:

• $108.3 million from the Canada Infrastructure Bank (CIB)

This is a federal public lender that supports projects that create long-term public and economic benefits.

• $163.9 million in green loans from CIBC, Desjardins and National Bank

These are major Canadian banks that only lend to projects they believe are financially strong and well governed.

• $41.0 million in interconnection and construction financing

This covers the costs of connecting MU2 to the power grid and completing construction.

• $10.2 million in letter-of-credit support

This acts as a financial guarantee that the project can meet its long-term obligations.

‍Together, this meant more than $300 million was committed to a Mi’gmaq-owned wind project. This is not money given to us. It is money invested in us, because lenders believe MU2 will generate reliable revenue for decades. That is what financial close really means: the project is fully funded, fully approved, and ready to be built.

‍Why this matters so much for Mi’gmaq ownership

Most Indigenous communities are offered only two options in large energy projects: either lease their land or take a small equity share while someone else controls the financing. MU2 was different.

‍Because MMBC and our Mi’gmaq partners secured the loans ourselves:

• We did not have to give away ownership
• We did not have to accept someone else controlling the project
• We did not have to settle for a small royalty

‍1. We are full financial partners, not just participants

Securing this financing means MMBC is not on the sidelines. We are at the table as one of the owners of the project.

‍This gives us:

• A say in decisions
• A share of long-term revenues
• A stake in how the project is developed

‍It shows that financial institutions see Mi’gmaq organizations as capable partners in large-scale energy projects.

‍2. Lenders trust our governance, stability and leadership

CIB, CIBC, Desjardins and National Bank do not lend over $300 million to organizations they do not trust.

‍By approving these loans, they’re saying:

• MMBC has strong governance
• Our communities are reliable long-term partners
• We have the ability to manage large projects

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This strengthens our credibility for future projects.

‍3. We are building a financial track record

This is the second large wind project under the MU partnership. Successfully securing and managing financing helps us build a track record that will make future loans and partnerships easier to secure.

‍It opens doors for:

• Solar projects
• Transmission projects
• Future energy developments
• Other business ventures

‍We are proving that the Mi’gmaq of Gespe’gewa’gi can lead major infrastructure projects.

‍4. Control stays within Mi’gmaq hands

By securing loans ourselves, we maintain ownership and decision-making power rather than giving it up to private companies or outside investors.

‍This means:

• Long-term revenue goes to our communities
• We control environmental, cultural and employment priorities
• We set the standard for future Indigenous-led energy work

‍It protects sovereignty over our projects.

‍5. Better long-term financial benefits for the three communities

Because we financed our share, we also receive our share of:

• Long-term profits
• Community benefits
• Employment opportunities
• Contracting opportunities

‍This money supports programs, jobs, training and future investments that benefit the next generation.

‍6. More leverage in future negotiations

When Indigenous groups prove they can secure major financing, it changes how governments and industry treat us.

‍It strengthens our position when negotiating:

• New wind or solar developments
• Transmission lines
• Infrastructure projects
• Economic partnerships

‍It signals that we are not “junior partners.” We are equal partners.

‍7. A powerful example of Indigenous economic leadership

For other Indigenous nations, this shows what is possible.

For our communities, it is something to be proud of.

For our youth, it shows that careers in finance, engineering, trades and project management are within reach.

‍In short

Securing these loans ourselves means:

We own the project.

We control the project.

And our communities benefit long-term.

‍It is a major step in building economic independence for Gespe’gewa’gi.

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