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Financing agreement will support more renewable energy in Nova Scotia.
Wind turbine generating electricity over a blue sky. (CNW Group/Canada Infrastructure Bank)
The Canada Infrastructure Bank (CIB) and Elemental Energy have reached financial close on a $97 million loan to support a new wind energy project, Wedgeport Wind, located in Argyle, N.S. The project includes construction and installation of 12 Nordex seven-megawatt wind turbines with the capacity to generate up to 84 megawatts of renewable energy, as well as construction of transmission and interconnection infrastructure to link to the provincial power grid.
Wedgeport Wind is a partnership between Elemental Energy, Stevens Wind and Sipekne’katik First Nation (SFN). The partners have retained the Mi’kma’ki Municipal Limited Partnership (MMLP), a partnership between Wskinjnu’k Mtnm’tanqunuow Agency Limited (WMA) and the Municipal Group of Companies to construct the project. WMA is an economic development organization representing all 13 Mi’kmaq communities in Nova Scotia.
The added electricity capacity will generate enough power to supply more than 30,000 homes and businesses throughout the region and, with construction underway, the project is expected to support up to 85 jobs at the peak of construction. Additional full-time employment opportunities for operations and maintenance will also be created once operations commence in late 2026.
This is the CIB’s second partnership with Elemental Energy and partners SFN and Stevens Wind, as part of Nova Scotia’s Rate Based Procurement process. The CIB’s loan accelerates the construction of the energy project, at a lower cost to Nova Scotians. This project is being financed under the CIB’s $10 billion Clean Power priority sector, which addresses financing gaps in new projects such as renewables, district energy systems and energy storage.
“To date, the CIB has invested over $950 million in seven energy projects in Nova Scotia,” stated CIB CEO Ehren Cory. “Wedgeport Wind demonstrates our commitment to supporting the province and First Nations as they partner to develop energy infrastructure to strengthen the grid with affordable, clean power.”