The Canada Infrastructure Bank is loaning more than $200 million to Slate Asset Management and Hamilton Lane in order to support the development of a wind power farm in Nova Scotia.
The project, which is eligible for the Clean Technology Investment Tax Credit for up to 30% of capital costs, will see more than 30 wind turbines deliver nearly 150 MW of clean power that Renewall Energy will sell directly to local residents and businesses.
The project is being financed under the CIB’s Clean Power priority sector, which addresses financing gaps in low-carbon emissions projects.
“Our $206 million loan in Mersey River Wind supports an important clean energy project and shows how the CIB can collaborate on sustainable infrastructure, create energy resilience for Nova Scotians, and stimulate economic opportunities,” stated Ehren Cory, Chief Executive Officer, Canada Infrastructure Bank.
The investment ”demonstrates how strategic partnerships can deliver real benefits for communities while advancing Canada’s clean energy future,” according to Gregor Robertson, Minister of Housing and Infrastructure.
“By supporting the Mersey River Wind project, we’re helping Nova Scotians access more affordable, reliable, and renewable electricity,” he said.
The wind farm is expected to “avoid” approximately 220,000 tonnes of emissions per year, equivalent to 1.5% of Nova Scotia’s carbon output.
The Mersey River project “will bring affordable, sovereign, clean electricity to more than 50,000 homes in Nova Scotia, while creating jobs and providing stable long-term electricity prices,” according to Tim Hodgson, Minister of Energy and Natural Resources.
“By moving forward with this project and the FEED study for the proposed Wind West project, our new government is ensuring we unlock the energy and economic power of some of the world’s best wind resources, enhancing energy affordability and security while building Canada into a clean energy superpower,” he remarked.
Construction will take place in two phases, with the first phase expected to be completed in 2027.
NRCan will also provide $5M to Net Zero Atlantic for the Data Analysis and Modelling for the Atlantic Offshore Wind and Transmission project, which will support the next stage of offshore wind planning and the proposed Wind West and Atlantic Energy Strategy.