Key points include:
1. RFQ proposed to be issued in Q2 of 2022 to qualify respondents;
2. RFP subsequently issued to respondents qualified in the RFQ;
3. SaskPower will require Indigenous equity ownership in the project at a minimum level of 10%; and
4. SASKPOWER WILL BE PROVIDING THE SITE LOCATION.
If not established already, both developers and Indigenous groups will want to be moving very quickly right now to jointly establish an SPV such as a Saskatchewan corporation or a Saskatchewan limited partnership (LP). The SPV will want to then move fast to issue shares and/or units in the SPV to meet (or exceed) the SaskPower equity ownership thresholds. Typically the SPV would also have a Unanimous Shareholders’ Agreement (USA) for a corporation or Limited Partnership Agreement (LPA) for an LP to clearly define share/unit rights of the respective project stakeholders. The USA or LPA are typically negotiated and are considered “long lead” items which developers and Indigenous groups will want to start working on right now, possibly by working together to prepare an initial Term Sheet outlining the key terms of the USA or LPA.