The Caisse and Kahnawake Mohawks want to invest together in renewable energies

Grand Chief of the Mohawk council of Kahnawake Cody Diabo speaks to the media prior to signing a statement of understanding and mutual respect with the Quebec government during a ceremony in Montreal, Friday, December 20, 2024. Diabo wants to partner with the Caisse de depot et placement du Quebec on energy projects. (Graham Hughes / The Canadian Press) (Graham Hughes/The Canadian Press)

The Mohawk Council of Kahnawake (MCK) and the Caisse de dépôt et placement du Québec (CDPQ) want to invest jointly in renewable energy projects. The partners are also opening the door to financing projects in other Indigenous communities.

Quebec needs to produce more electricity to decarbonize the economy and meet growing demand. Many projects will be located on Indigenous communities’ territories, and these communities will be called upon to become partners.

Hydro-Québec plans to invest between $90 billion and $110 billion to increase its production, according to its 2035 Strategic Plan.

“As we begin this new phase of development, it’s important to include the First Nations,” said MCK Grand Chief Cody Diabo in an interview. “It’s our territory where the projects will be built. These are our resources.”

Nevertheless, access to capital to finance projects of this scale represents a challenge for the various communities. The MCK, therefore, decided to approach the Caisse to create a partnership.

The partnership would involve projects on traditional Kahnawake Kanien’kehà:ka (Mohawk) territories, but it could also provide resources to other Indigenous communities that so wished.

“They can also serve as an example for other First Nations to come and take advantage of the set-up that we are in the process of doing and to extend this beyond projects that would impact the Mohawks of Kahnawake,” said CDPQ senior vice-president Emmanuel Jaclot, who is head of infrastructure.

The MCK already has experience of participating in an energy project. Last April, the Council and Hydro-Québec announced that the community would hold a minority stake in the Hertel-New York interconnection line, which will export electricity to New York State.

Diabo estimates that the partnership could fund at least “two projects” over the next few years but stresses that there is no limit to the number of projects the partners could participate in.

He identified a possible renovation or expansion of the Beauharnois power station in the Montérégie region: “That’s something that would be quite important for us, and we’d be keen to get involved. It’s along the St. Lawrence River. It’s our traditional territory.”

Jaclot pointed out that the development of energy projects takes time. If the partners managed to take part in “one or two projects a year,” he believes that would represent a “success.”

“We do this to make money at the Caisse,” continued the vice president. “So there’s no limit. As long as the projects are profitable, we’ll be happy to do them.”

This report by The Canadian Press was first published in French on Feb. 3, 2025.