The Canada Infrastructure Bank (CIB) has finalised an $81.9m (C$117.4m) loan to support the construction of the 94.4MW Weavers Mountain wind energy project in Antigonish and Pictou counties, Nova Scotia.
The project, which will feature 16 Nordex turbines with anti-icing technology, aligns with Nova Scotia’s renewable energy goal of sourcing 80% of its energy from renewables by 2030 and cutting 90% of greenhouse gas emissions from electricity generation.
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The wind project is set to cut 221,000 tonnes of CO₂ equivalent in emissions annually, supporting the decarbonisation of Nova Scotia’s electricity grid.
The project will create 150 jobs during construction and will begin commercial operations in late 2026.
A majority stake in the project will be held by Glooscap First Nation in a joint venture with SWEB Development.
The project is supported by C$105.6m in credit facilities from the Desjardins Group and C$25m in grants from Natural Resources Canada.
The CIB’s financing helps bridge the affordability gap between wind generation and other emitting sources.
Canada Infrastructure Bank CEO Ehren Cory stated: “Our latest wind investment in Nova Scotia will further support the province’s decarbonisation efforts. The wind farm, majority owned by the Glooscap First Nation, will generate clean, renewable power and leverage the province’s support for similar projects.
“The CIB has already backed three wind farms and one energy storage project in the province and a transmission intertie between Nova Scotia and New Brunswick, contributing to the region’s efforts to phase out coal generation while creating new economic opportunities.”
The CIB loan will be repaid using the revenues generated from a power purchase agreement with Nova Scotia Power.
Glooscap First Nation Chief Sidney Peters stated: “This initiative will deliver reliable, affordable electricity to ratepayers, generate long-term economic benefits for our Nation and serve as an example of how Indigenous communities can lead meaningful change and build a sustainable future for all.”
The government of Canada also recently announced C$1bn ($707m) in funding for clean electricity projects in the New Brunswick region.
Alongside the CIB, the government is supporting Indigenous-led wind projects with capacities of up to 670MW.
