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Nova Scotia Energy Storage

Sector(s)
Clean Power
Location(s)
Halifax, Nova Scotia
Participation
$138.2 million (Financial Close)
Partner(s)
Nova Scotia Power Inc., Wskijinu'k Mtmo'taqnuow Agency Ltd

Largest energy storage project in Atlantic Canada, includes Indigenous partnership

Nova Scotia Power to develop sustainable, clean energy facilities

Fast facts

Energy storage is essential for Nova Scotia’s move towards more renewable electricity
Reduce 98,000 tonnes of GHGs annually, supports renewable power generation and future needs
13 Mi’kmaw communities to partner with support from Indigenous equity loan

We are investing in Atlantic Canada’s largest energy storage facilities located within three Nova Scotia communities - White Rock, Bridgewater and Waverley. The CIB’s $138.2 million loan will enable the project to proceed by completing the capital investment structure.

The project involves a partnership between the Nova Scotia Power and Wskijinu'k Mtmo'taqnuow Agency Ltd (WMA) - which represents all 13 First Nations in the province. An equity loan to WMA, allows for its to access capital to invest in the project.

Benefits of CIB involvement

The energy storage project is WMA’s first equity participation with Nova Scotia Power and is also the CIB’s first equity loan under its Indigenous Equity Initiative.

The CIB seeks to invest at least $1 billion in projects which benefit Indigenous communities. Energy storage is part of the CIB’s $10 billion Clean Power priority sector, which is addressing financing gaps in new projects such as renewables, district energy systems and more.

Learn more

Rendering of an energy storage facility that will be built in Nova Scotia.
Government of Canada

The CIB’s investment of $138.2 million towards Atlantic Canada’s largest energy storage project is helping to create economic opportunities across Nova Scotia while supporting a clean energy transition. As the CIB’s first Indigenous Equity Investment, this project will help build a green economy that works for Indigenous Peoples.

Hon. Sean Fraser, Minister of Housing, Infrastructure and Communities
Government of Canada

Today’s announcement is an important part of our joint work with Nova Scotia to develop and transmit clean, reliable and affordable power to Nova Scotians. Energy storage facilities such as these will help us make progress in phasing out coal by 2030, achieving a clean grid across Canada by 2035 and advancing Indigenous economic reconciliation. I am excited about the job and economic opportunities that this project will enable and the federal government is pleased to be supporting these efforts with the significant investments announced today.

Hon. Jonathan Wilkinson, Minister of Energy and Natural Resources
Wskijinu'k Mtmo'taqnuow Agency Ltd.

Creating a greener future is a priority for the Mi’kmaw Nation and WMA is proud to be doing our part to bring about positive transformations to the energy industry. This investment in battery storage is a significant step towards true economic reconciliation and developing a more sustainable future for all Mi’kma’ki.

Crystal Nicholas, President
Nova Scotia Power Inc.

The path to 2030 will take all of us working together. This investment outlines the collaborations and partnerships we have been working on to help mitigate project costs and work meaningfully with our Mi’kmaw communities. We look forward to continuing to work closely with our federal, provincial, Mi’kmaw and community partners on Nova Scotia’s clean energy transition.

Peter Gregg, President and CEO
Government of Canada

Nova Scotians deserve clean, reliable and affordable electricity. That’s why we released the Clean Power Plan, which charts our course to meet our 2030 climate change goals and continue on to reach net zero by 2050. Batteries are an important part of that plan – they will store renewable electricity for times when it’s needed.

Hon. Tory Rushton, Nova Scotia Minister of Natural Resources and Renewables
Government of Canada

Our government welcomes this significant announcement of the CIB’s first Indigenous Equity Investment in partnership with Nova Scotia Power and the Wskijinu'k Mtmo'taqnuow Agency (WMA). This marks an important step forward in advancing economic reconciliation for the Mi’kmaq Nation and Indigenous Peoples across Canada.

Jaime Battiste, Parliamentary Secretary to the Minister of Crown-Indigenous Relations and Member of Parliament for Sydney—Victoria