The Canada Infrastructure Bank (CIB) has committed a C$206m ($150.5m) loan to a partnership between Slate Asset Management and Hamilton Lane-managed funds for the development of a wind farm at Mersey River in Nova Scotia.
Renewall Energy, the project partner, will sell electricity generated from the facility directly to end customers throughout the province.
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The wind farm will consist of 33 turbines and associated infrastructure, with the capacity to generate 148.5MW of electricity, enough to supply energy to more than 50,000 homes.
Canada Housing and Infrastructure Minister Gregor Robertson and Energy and Natural Resources Minister Tim Hodgson announced the funding and outlined the initiative’s role in Nova Scotia’s shift away from coal-based power towards renewable energy sources by 2030.
Robertson said: “By supporting the Mersey River Wind project, we are helping Nova Scotians access more affordable, reliable and renewable electricity.
“Our government is committed to investing in infrastructure that reduces emissions, creates good jobs and strengthens our economy.”
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By GlobalDataThe wind farm’s operation is expected to reduce carbon emissions by approximately 220,000t per annum, equivalent to 1.5% of the province’s recorded emissions in 2022.
Renewall Energy has obtained Nova Scotia’s first licence under the renewable-to-retail programme.
This will permit sales of electricity produced exclusively from renewable sources directly to residential, public sector, commercial and industrial consumers in the region.
Construction will be carried out in two stages, with more than 200 jobs anticipated at peak activity and initial operations targeted for 2027.
The project is eligible for up to 30% capital cost coverage through the Clean Technology Investment Tax Credit.
Natural Resources Canada is also contributing up to C$25m via its Smart Renewables and Electrification Pathways initiative.
RBC is serving as administrative agent and lead arranger for related construction loans.
The Canada Infrastructure Bank is backing this project under its Clean Power priority area, aimed at supporting low-carbon initiatives such as renewable generation and energy storage solutions.
