Greenwood Sustainable Infrastructure (GSI) and Ocean Man First Nation have secured a $146.19 million loan from Royal Bank of Canada and Desjardins Group to finance the 129.65 MWdc / 100 MWac Turning Sun Solar Project in Saskatchewan. The facility combines construction debt, long-term financing, and an investment tax credit bridge.

The structure is the story. By bundling construction financing with long-term debt and an ITC bridge, the sponsors have locked in capital across the full build-to-operate cycle instead of refinancing post-COD.

That matters commercially. In a higher-rate environment, execution risk and refinancing exposure can erode returns quickly. Integrating the tax credit bridge upfront optimizes the capital stack and protects equity IRR from timing mismatches on credit monetization.

SaskPower anchors revenues under a 25-year PPA, while construction began in Q4 2025 with an 18-month schedule. RBC acted as administrative agent and green loan structuring agent, signaling lender comfort with both structure and counterparty. Desjardins joined as coordinating lead arranger.

This deal reflects a broader shift: lenders are backing fully wrapped capital structures tied to contracted utility-scale assets, especially where Indigenous partnerships and long-term offtake reduce execution friction.

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