GSI Closes $200 Million Deal for Saskatchewan Solar Farm with Ocean Man First Nation
New York, Monday, 9 February 2026.
Greenwood Sustainable Infrastructure has finalized a $200 million financing package for the Turning Sun Solar Project, marking a historic partnership with Ocean Man First Nation backed by RBC and Desjardins.
Securing Capital for Utility-Scale Solar
Greenwood Sustainable Infrastructure (GSI), a subsidiary of the Libra Group, officially achieved financial close on the transaction today, February 9, 2026 [1]. The facility secures over CAD $200 million in private and public capital, structured as a construction-to-term loan and Investment Tax Credit (ITC) bridge financing [1]. This significant capital injection is specifically allocated for the 100 MWac Turning Sun Solar Project, a utility-scale facility located in Saskatchewan, Canada, which is underpinned by a 25-year Power Purchase Agreement (PPA) with SaskPower [1].
Strategic Financial Architecture
The financing arrangement represents a robust collaboration between major financial institutions and Indigenous leadership. The deal was arranged with The Ocean Man First Nation and led by the Royal Bank of Canada (RBC) and Desjardins Group [1]. In this complex transaction, RBC served multiple functions, acting as the Administrative Agent, Green Loan Structuring Agent, and Coordinating Lead Arranger [1]. Desjardins Group supported the facility as a Coordinating Lead Arranger and Lender [1]. Demetra Streda, Senior Vice President at RBC, stated that the bank’s participation is driven by a commitment to advancing reliable, sustainable power infrastructure across Canada [1].
A Historic Indigenous Partnership
Beyond the financial mechanics, the project marks a significant milestone for Indigenous participation in the renewable energy sector. Chief Ernest Standingready of the Ocean Man First Nation described the financial close as a “truly historic day” for the community [1]. The Ocean Man First Nation, a Nakoda Government in southeast Saskatchewan with 580 members, established Second Wind Power in 2019 to engage in such ventures [1]. The entity’s name serves as a symbolic reference to the Nation’s history of relocation and resilience since 1989 [1]. Mazen Turk, CEO of GSI, noted that the successful closing is a testament to the trust established between the development team and their partners at RBC and Desjardins [1].
Operational Timeline and Execution
With funding now secured, the project is proceeding on an 18-month build schedule [1]. Construction activities officially commenced in the fourth quarter of 2025, starting with road construction managed by Barton Malow, the designated Engineering Procurement and Construction (EPC) contractor [1]. GSI, which specializes in developing and operating large-scale solar assets, leverages a dedicated internal team for financial modeling and project evaluation to ensure the viability of these capital-intensive developments [2]. Upon completion, the Turning Sun Solar Project will contribute 100 MWac (129 MWdc) of capacity to the regional grid, reinforcing the shift toward sustainable energy in the province [1].