Novaporte recently attended the Canada Investment Summit in Toronto, during which time the Nova Scotian cleantech innovator advanced discussions with investors around a proposed offshore wind manufacturing port Sydney Harbour.
The inaugural Summit brought together investment executives, business leaders, and governments to attract long-term capital to build major Canadian projects.
In development for more than a decade, Novaporte’s billion-dollar project features an integrated offshore wind industrial ecosystem in Cape Breton capable of supporting Nova Scotia’s “Wind West” ambitions.
Novaporte plans to combine heavy-lift marine infrastructure with industrial lands supporting component manufacturing, fabrication, assembly, logistics, operations, and maintenance.
“Prime Minister Carney has challenged Canada to build, attract investment, and put Canadian capital to work alongside global capital,” commented chief executive office Albert Barbusci. “We intend for Novaporte to contribute to that vision.”
After 13 years of development, our objective is to assemble a Canadian capital stack around Novaporte,” Barbusci said. “We want Cape Breton to participate fully in Wind West—not simply by staging turbines, but by attracting manufacturing, supply-chain companies, and skilled jobs to Nova Scotia.”
Nova Scotia has a “generational opportunity through Wind West to build a world-class offshore wind industry, create good-paying jobs, and attract major investment to our province,” according to province premier Tim Houston.
“It is encouraging to see Canadian institutional capital, international offshore wind expertise and workforce development coming together around a Nova Scotia project,” stated Houston. “This is the kind of collaboration that can help us build an offshore wind industry and supply chain here at home.”
Fengate Asset Management has provided indicative support for an equity investment of up to C$300 million into Novaporte’s proposed platform.
“We have seen [Novaporte’s project] evolve into an opportunity of national significance,” says Darcy Wilson, who serves as Managing Director of Infrastructure Investments for Fengate.
“We were pleased to participate alongside the Novaporte team through the offshore wind pre-qualification process and are equally proud to back this platform as it enters this next phase of development,” Wilson remarked.
Sydney Harbour Investment Partners, which operates the Novaporte project, was established in 2015.