Canada Infrastructure Bank (CIB) has committed $224.2m in loans to support Port Hawkesbury Paper Wind in constructing the Goose Harbour Lake Wind Farm project in Guysborough County, Nova Scotia, Canada.
The total cost of the project is estimated to be around $450m. It will bolster the power supply for Nova Scotia's energy grid and Port Hawkesbury Paper, the province's largest industrial electricity consumer.
The project, led by RES Canada Construction, will feature 24 Nordex N163-7.0MW cold climate turbines with anti-icing system blade technology.
These turbines, standing at a hub height of 118m, are designed to produce zero-emission electricity with a total capacity of 168MW.
The wind farm is expected to commence commercial operations in 2026 and is part of CIB's $10bn Clean Power priority sector.
The funding will enable 13 Mi’kmaw First Nations to acquire a 10% stake in the project through the WMA, their indigenous business.
This indigenous equity loan represents the second instance of WMA benefitting from such financial support, following a previous agreement related to an energy storage project in Nova Scotia.
Stonebridge Financial played a crucial role in arranging various types of financing including construction, investment tax credit and long-term debt for the wind farm. Working in partnership with Port Hawkesbury Paper, WMA and CIB, Stonebridge navigated the financial intricacies to ensure the project's execution.
CIB CEO Ehren Cory said: “Our latest clean power investment in Nova Scotia supports sustainable economic development in the Atlantic province and the delivery of electricity to a paper mill, which is a large Nova Scotia employer. The $203.9m investment will help build one of Nova Scotia's largest wind energy projects and support all First Nations in the province to buy a meaningful equity stake and have a voice through a board position in the project.”
The wind farm is projected to cut greenhouse gas emissions by more than 350,000 tonnes annually, equivalent to 2.4% of Nova Scotia's emissions in 2021.
Nova Scotia Minister of Energy Trevor Boudreau said: “We are in the midst of an energy transition in Nova Scotia, shifting away from fossil fuels toward clean, sustainable renewable energy such as wind. We have a unique opportunity to harness this low-cost resource to increase our energy security, support our green economy, create green jobs and help us meet our net-zero emissions goal.
“We applaud Port Hawkesbury Paper for their contribution to these efforts with the Goose Harbour Lake Wind Farm investment, as well as their continued commitment to a sustainable forest sector in Nova Scotia.”
