CIB commits $224.2 million to Port Hawkesbury Paper Wind’s large-scale energy project
MULGRAVE – The Canada Infrastructure Bank (CIB) is providing $224.2 million in loans to help Port Hawkesbury Paper Wind Ltd build a large-scale wind energy project and support 13 Mi’kmaw First Nations, through Wskijinu’k Mtmo’taqnuow Agency Ltd. (WMA), buy a 10 per cent stake in the project.
The Goose Harbour Lake Wind Farm involves construction and installation of 24 Nordex N163-7.0MW cold climate turbines at a 118 metre hub height with anti-icing system blade technology, wind turbines producing zero-emission, sustainable electricity generation capacity of 168 megawatts. The lead building team is RES Canada Construction LP.
The wind power project will support Nova Scotia’s energy grid and in turn contribute power to the largest industrial user of electricity. Port Hawkesbury Paper is a significant contributor to the economic well-being of Nova Scotia, and particularly the eastern region of the province. Recent economic impact studies have confirmed that the facility directly employs approximately 325 people, and contracts another 900 jobs, employing hundreds of forestry contractors and suppliers.
The wind project will create 150 full-time construction jobs, up to five permanent wind farm jobs and generate economic development for the region.
The Indigenous Equity loan is the second to WMA, following a deal last year related to an energy storage project in Nova Scotia.
The wind farm is expected to reduce greenhouse gas (GHG) emissions by more than 350,000 tonnes a year, equivalent to 2.4 per cent of Nova Scotia’s emissions in 2021, and help the province’s energy transition, moving from coal to renewables.
Commercial operations are expected to begin in 2026.
The project is being financed under the CIB’s $10 billion Clean Power priority sector, which is dedicated to addressing financing gaps in new projects such as renewables, district energy systems and energy storage.
The Goose Harbour Lake Wind project supports Nova Scotia’s transition to clean energy sources that will significantly reduce the province’s carbon emissions. The CIB’s investment and partnership with Port Hawkesbury Paper Wind Ltd., and Wskijinu'k Mtmo'taqnuow Agency Ltd. (WMA), will create more jobs and bring lasting economic benefits to the region.
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 $224.2 million 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.
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, as well as their commitment to ecological forestry.
Our investment in major projects like the Goose Harbour Lake Wind Farm, as well as continued capital upgrade projects and annual major maintenance programs are examples of where we want to grow and help the facility succeed for many years to come. We are excited and proud to be working with all our partners to advance this project which will not only contribute to our mission of making top quality competitive forest products, but at the same time be a great place to work and be an environmentally responsible and strong contributor to the province of Nova Scotia.
Our partnership with Port Hawkesbury Paper Wind and the Canada Infrastructure Bank on the Goose Harbour Lake Wind project represents not just an investment in renewable energy, but also a significant step towards empowering our Mi’kmaq communities. By acquiring a stake in this groundbreaking initiative, we are not only contributing to Nova Scotia's transition to sustainable energy but also supporting industry, creating jobs and fostering economic development in our region. This project embodies our commitment to balancing environmental responsibility with community growth, ensuring a brighter future for generations to come.
We are immensely proud of Stonebridge Financial’s role in arranging the construction, ITC bridge and long-term debt financing of the 168 MW Goose Harbour Lake Wind Farm. In partnership with PHP, WMA, and CIB, we successfully navigated financial complexities to ensure the project's successful execution. This collaboration highlights our ongoing commitment to renewable energy and our ability to facilitate innovative financing solutions that contribute to a sustainable future.
The Goose Harbour Windfarm is a model example of each level of government using tools in their toolbox to encourage industry to advance a renewable energy project that will have an incremental impact on reducing our NS carbon footprint. We are proud to support Port Hawkesbury Paper in their efforts to be more sustainable, and we’re proud to have their project in the Municipality of the District of Guysborough. We all need to do our part in supporting projects that help to support the worldwide move to a more environmentally sound community for generations to come.
Quick Facts
- $224.2 million towards a significant wind energy project
- 24 wind turbines capable of generating 168 megawatts of electricity
- 13 Mi’kmaw First Nations will buy a 10 per cent stake in the project
- Total project cost is approximately $450 million
