CIB Loans $97 Million Towards New Energy Project, Wedgeport Wind

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 the Municipal District of Argyle, Nova Scotia. 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. The development also includes construction of transmission and interconnection infrastructure, to link new renewable energy to the provincial power grid. This added electricity capacity will supply more than 30,000 homes and businesses throughout the region with reliable, low-cost energy.

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. The development also includes construction of transmission and interconnection infrastructure, to link new renewable energy to the provincial power grid. This added electricity capacity will supply more than 30,000 homes and businesses throughout the region with reliable, low-cost energy.

The project is expected to support up to 85 jobs at the peak of construction, with additional full-time employment opportunities for operations and maintenance.

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 and through this partnership, MMLP is committed to maximizing Mi'kmaq participation in projects through workforce creation, local development and training initiatives.

Construction is already underway, with operations to commence by late 2026.

The project supports Nova Scotia's goal of attracting lower-cost innovative energy solutions and the project is expected to reduce emissions by more than 100,000 tonnes annually.

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.

The 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.

Elemental Energy | https://elementalenergy.ca/

CIB | https://cib-bic.ca/