DENVER — Native American Bank (NAB) today announced it is providing a $5.2 million bridge loan to Metlakatla Power & Light (MPL) to complete a project that will bring lower-cost power and better broadband to the Metlakatla Indian Community on Annette Island in southeast Alaska.
“Completing the Melatkatla Intertie will bring the affordable power and robust Internet service that our community—like every community—needs to thrive,” said Metlakatla Indian Community Mayor and City Manager Albert Smith. “It supports our sovereign aims of self-sufficiency.”
The project will lay submarine fiber optic cable for broadband, as well as utility cable to connect infrastructure from Annette Island to the Ketchikan Public Utilities system.
Metlakatla Power & Light (MPL) is a tribal utility company and division of the Metlakatla Indian Community. Metlakatla Indian Community (MIC) is located on Annette Island Reserve and is the only Indian Reserve in the State of Alaska.
The Melatkatla people have long paid a disproportionate amount of their incomes for electricity. The intertie is expected to yield nearly $150,000 in annual savings for Metlakatla Power & Light, which will be passed on to customers. MPL will become the local broadband provider, offering a stronger and more affordable alternative to the Starlink system used by some on the island.
The electric intertie will allow the MPL to store and distribute clean hydroelectric energy, as well as put energy back into the grid from wind energy produced on the island.
“As the first national American Indian-owned community development bank, NAB is committed to providing financial services that support economic independence and sustainability,” said Chief Lending Officer Payton Batliner. “Alaskans and rural residents generally bear a higher cost for energy, which can hinder development. We’re proud to provide this loan that yields benefits for the Metlakatla people for generations.”
NAB’s bridge loan will allow the project, which is nearly complete, to cross the finish line. It will close a funding gap that resulted from inflation, including tariff costs, that occurred between the project’s initial backing from other funders in 2021 and the final release of resources for it.
The project came together through the collaboration of several key partners.
The firm Baker Tilly is the lead consultant of MPL, and works extensively in Indian Country. Additional participants in the loan include Oweesta, which provides financial products and development services exclusively to Native Community Development Financial Institutions (CDFIs) and Native communities; Spruce Root, an Alaska Native CDFI; Nimiipuu Fund, a Native CDFI in Idaho; and Nixyáawii Community Finance Services, a Native CDFI in Oregon.
Photo credit: Canpac Marine Services Inc.
Contact:
Veronica Lane, Native American Bank
Vice President, Marketing Director
[email protected]
720-963-5515
About Metlakatla Power & Light
Metlakatla Power & Light (MPL) is a tribal utility company and division of the Metlakatla Indian Community. Metlakatla Indian Community (MIC) is located on Annette Island Reserve and is the only Indian Reserve in the State of Alaska. The company is managed by a board of directors who report to the MIC Tribal Council. Follow MPL on Facebook.
About Native American Bank
Chartered as a national community development focused bank, Native American Bank, N.A. is also a certified Community Development Financial Institution (CDFI). It is committed to being a self-sustaining CDFI and is the first national American Indian-owned community development bank in the country. Native American Bank supports the communities that it services, and it received an “outstanding” score on the most recent Community Reinvestment Act (CRA) exam. Learn more at www.nativeamericanbank.com.