09:10 AM EDT, 09/18/2024 (MT Newswires) -- Canadian Premium Sand ( CLMPF ) on Wednesday said that Manitoba and the Federal government intend to support its integrated patterned solar glass manufacturing facility in Selkirk, Manitoba with up to $272 million in financial assistance.

Manitoba intends to provide $72 million in financial support, consisting of infrastructure investment and a low interest loan. The infrastructure investment will result in a reduction of $32 million in capital costs for the project. The $40 million low interest loan consists of goal-oriented provisions for the company to earn forgivable portions of up to 10% of the loan over time.

The Federal government also intends to provide non-dilutive financial support of up to $100 million. Up to another $100 million will be sought by CPS through the federal Indigenous Loan Guarantee Program.

"Incorporating the combined financial support from the provincial and federal governments, the remaining total private capital required to fund construction of the Project is reduced from $880 to potentially $608 million, the majority of which could come in the form of long-term debt," said CEO Glenn Leroux. "Having received the federal and provincial indications of financial support, we can advance our project financing with the goal of putting shovels in the ground in 2025."