CIB loans $219 million towards Mactaquac Site Development project
- CIB loan supports New Brunswick Power’s engineering, options analysis, First Nations engagement and other early site development activities
- NB Power to lead First Nations and community engagement as planning advances
- Mactaquac Generating Station supplies 30 per cent of the province’s legislated renewable energy requirements and 20 per cent of peak electrical capacity needs
MACTAQUAC – The Canada Infrastructure Bank (CIB) has reached financial close with New Brunswick Power (NB Power) on a $219 million loan towards early site development activities for the Mactaquac Life Achievement Project.
The development work includes engineering and environmental investigations, regulatory reviews and early supply activities. The loan also supports meaningful local First Nations and community engagement.
These activities will occur during the continued operation of the Mactaquac Generating Station, with site development providing local jobs. The CIB’s cost-effective financing package helps reduce energy ratepayer impacts.
The Mactaquac Generating Station is NB Power’s largest hydroelectric generating facility, located on the Saint John River west of Fredericton. The 672-megawatt run-of-river station provides clean, reliable and low-cost electricity, supplying 30 per cent of the province’s legislated renewable energy requirements and 20 per cent of the capacity needed to meet peak electricity demand.
The station remains a cornerstone of New Brunswick’s clean power system, securing grid stability and the integration of additional renewable energy sources, including wind and solar, as the province prepares to decommission its only remaining coal-fired power plants. Supported by the Province, NB Power is working to develop and maintain reliable, non-emitting electricity infrastructure which contributes to a cleaner energy future in Atlantic Canada.
The project falls within the CIB’s Clean Energy priority sector, which has a target of at least $20 billion to help increase energy supply and security, advance clean power generation and distribution, create jobs, reduce emissions and make the transition to new energy projects more affordable for ratepayers.
Our $219 million site development loan enables project planning, First Nations engagement and development work needed to help NB Power and the Province determine next steps for the Mactaquac site. The CIB is helping finance the clean energy infrastructure needed to strengthen energy security, support economic growth and ensure reliable power for Canadians.
Building a stronger, more sustainable Canada starts with how we power our communities, homes, and businesses. By investing in clean electricity and modernizing key assets like the Mactaquac Generation Station, we are strengthening New Brunswick's energy system, creating the conditions for investment in the province and positioning Canada for long-term competitiveness, while creating new jobs and reducing emissions.
Canada needs more power and utilities like the Mactaquac Generating Station are how New Brunswick will deliver. As the Maritime’s clean energy hub, investments in our generating stations are pivotal to Atlantic Canada’s clean energy future. Rehabilitating our largest hydroelectric generating facility is just one step toward strengthening our electricity supply, helping us to deliver reliable, affordable, clean electricity in our region.
The Mactaquac Life Achievement Project is one of the most important investments we can make in New Brunswick's energy future. Rehabilitating the existing generating station is the best option to preserve a critical source of renewable electricity and ensure Mactaquac continues to provide dependable power for decades to come.
