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The Canada Infrastructure Bank (CIB) has reached financial close on a $117.4 million loan to support the construction of a 94.4-megawatt wind farm in Nova Scotia’s Antigonish and Pictou counties. The Weavers Mountain Wind Energy Project will feature 16 Nordex turbines at a 125-metre hub height, with anti-icing system blade technology and a 25-year power purchase agreement. “Our latest wind investment in Nova Scotia will further support the province’s decarbonization efforts. The wind farm, majority owned by the Glooscap First Nation, will generate clean, renewable power and leverage the province’s support for similar projects. The CIB has already backed three wind farms and one energy storage project in the province and a transmission intertie between Nova Scotia and New Brunswick, contributing to the region’s efforts to phase out coal generation while creating new economic opportunities,” said Ehren Cory, CEO, Canada Infrastructure Bank. Glooscap First Nation will hold a majority stake in a joint venture with SWEB Development. The project will be supported by Desjardins Group, which will provide $105.6 million in credit facilities, while Natural Resources Canada will contribute $25 million in grants. “As stewards of the land, water and natural resources, we are committed to protecting what sustains us while creating lasting economic opportunities for our people. By owning 51 per cent of the WEB Weavers Mountain Wind project, we are ensuring our community benefits directly while supplying clean energy to Nova Scotia. This initiative will deliver reliable, affordable electricity to ratepayers, generate long-term economic benefits for our Nation and serve as an example of how Indigenous communities can lead meaningful change and build a sustainable future for all,” said Chief Sidney Peters, Glooscap First Nation. The financing will help fund the installation of wind turbines and associated electricity infrastructure. The project aims to reduce annual emissions by about 221,000 tonnes CO2e, equivalent to 1.5% of Nova Scotia’s total emissions in 2022. “Developers and industry are seeing the opportunity for large-scale wind projects in Nova Scotia. With the Weavers Mountain project, the Mi’kmaq of Nova Scotia and industry are partnering to bring green jobs, help stabilize electricity rates and add more clean electricity to our grid. Advancing wind projects like this one is how we use our natural resource to our best advantage,” said Nova Scotia Energy Minister Trevor Boudreau. This clean energy initiative supports the decarbonization of the Nova Scotia electrical grid, contributing to more reliable, affordable electricity for ratepayers and accelerating the province’s energy transition. Nova Scotia aims to achieve 80 per cent of energy from renewables by 2030, with a goal to reduce greenhouse gas emissions from electricity generation by more than 90 per cent. “SWEB Development, in partnership with Glooscap First Nation, is proud to support Canada and Nova Scotia’s emission reduction goals through the Weavers Mountain Wind Energy Project. This initiative demonstrates how collaboration can drive clean, affordable electricity solutions. We appreciate the support of the CIB, Natural Resources Canada, and the Desjardins Group in turning this vision into a reality. Projects like Weavers Mountain are key to lowering energy costs, boosting the local economy, and creating jobs for Nova Scotians,” said Rory Cantwell, CEO, SWEB Development. The CIB’s low-cost, long-term financing plays an important role in narrowing the affordability gap between wind generation and alternative emitting sources. Project revenues from a power purchase agreement with Nova Scotia Power Inc. will be used to repay the CIB loan. The wind project is expected to begin commercial operations in late 2026, marking an important step forward in the province’s transition towards a more sustainable future. “This project marks another step forward in Canada’s clean energy transition. When we look for financing opportunities, we want to encourage sustainable development and empower communities across the country. Weavers Mountain Wind will reduce greenhouse gas emissions, develop important community partnerships and create jobs for Nova Scotia’s economy. Together, we are building a greener, more resilient future for Nova Scotia and beyond,” said Guy Cormier, president and CEO, Desjardins Group. |
