Participation in transmission project advances Indigenous economic reconciliation
MILLBROOK, ON, Jan. 21, 2026 /CNW/ - The Canada Infrastructure Bank (CIB) is strengthening Indigenous ownership in clean energy infrastructure with $54 million in equity loans, bringing its total commitment to the Wasoqonatl intertie to $285 million.
Through its Indigenous Equity Initiative (IEI), CIB will provide:
This milestone marks a significant step forward in Indigenous participation in projects and economic reconciliation, addressing a market gap by providing Indigenous communities access to affordable capital through a combination of the CIB IEI loans and equity loans from CIBC.
CIBC is acting as sole bookrunner and sole lead arranger on a combined $264.3 million of Indigenous equity loans and project construction financing.
The CIB's investment in the project now totals $285 million (up from $217 million announced in March 2025), including Indigenous equity loans and measures to preserve approximately $200 million in savings for Nova Scotia electricity customers.
Wasoqonatl, pronounced wa•so•hgo•Na•dêl, means "illuminate" or "keep light on" in Miꞌkmawiꞌsimk (Mi'kmaw language).
The Nova Scotia Energy Board had previously approved the Wasoqonatl project, with construction scheduled for completion in 2028.
The Wasoqonatl intertie includes a 160-km, 345-kV transmission line running parallel to the existing Onslow, NS, to Salisbury, NB. connection. The project will improve interprovincial electricity trade, enhance grid resilience and energy security, and support affordability for Canadians.
Project ownership will be through a regulated utility corporation with Nova Scotia Power Inc. (NSPI), the CIB, MUIN Transmission Limited Partnership and WMA as limited partners.
Construction of the transmission line is expected to support approximately 587 direct and indirect jobs, generate $105 million in GDP and serves as an example of interprovincial collaboration.
To date, the CIB has committed more than $2.2 billion to 12 projects in Atlantic Canada, including wind farms, energy storage, a paper mill energy upgrade, broadband expansions and this first-ever equity investment in a transmission line.
Natural Resources Canada committed $4.38 million for pre-development activities related to the project through its Electricity Predevelopment Program, along with $20.1 million under the Strategic Interties Predevelopment Program, including $9.5 million to Nova Scotia Power, announced by Minister Hodgson today. In addition, NRCan provided $220,210 to WMA through the Smart Renewables and Electrification Pathways Program (SREPs).
Endorsements
We are proud to support meaningful Indigenous reconciliation by enabling First Nations in Nova Scotia and New Brunswick to acquire ownership stakes in critical energy infrastructure. By increasing our equity investment, we are ensuring ratepayers benefit from $200 million in savings while creating jobs and economic opportunities.
Ehren Cory, CEO, Canada Infrastructure Bank
This important investment demonstrates how major infrastructure projects can advance economic reconciliation while delivering real benefits for Canadians. By supporting First Nations ownership through Indigenous equity loans, we are helping ensure long-term economic participation for Indigenous communities, greater grid reliability and more affordable clean power for Nova Scotia and New Brunswick.
Hon. Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada
From day one, Canada's new government has stepped up to support Indigenous equity and leadership in the projects that will make us a clean energy superpower. The Wasoqonatl intertie is a perfect example of this approach in action: major Indigenous-owned clean power infrastructure that connects our country and saves Canadians money. This is how we build Canada Strong, together.
Hon. Tim Hodgson, Minister of Energy and Natural Resources
Building a cleaner, more resilient future depends on strong partnerships and thoughtful investments. Today's announcement highlights how climate action, Indigenous leadership, and long-term infrastructure planning can come together to support sustainable growth and lasting impact for communities.
Hon. Julie Dabrusin, Minister of Environment, Climate Change and Nature
This initiative represents a meaningful step forward, one that strengthens collaboration, supports long-term opportunity, and helps build a more inclusive and resilient future for communities across the region. Today's announcement reflects what's possible when governments, Indigenous partners and institutions work together with a shared purpose.
Hon. Sean Fraser, Minister of Justice and Attorney General of Canada and Minister responsible for the Atlantic Opportunities Agency
We are fortunate that federal tools, like the Canada Infrastructure Bank, are set up in a way that supports Indigenous participation across provincial borders. We continue to advocate for projects of provincial importance at the federal level which can include support for Indigenous partners and regional projects. New Brunswick is committed to reconciliation and supporting the transition to a clean and greener electricity grid. But we know there can be no clean energy transition without transmission, which highlights the importance of this project.
Hon. René Legacy, Deputy Premier, Minister of Energy, New Brunswick
Including Indigenous partners like the WMA and MUIN that represent First Nations communities in Nova Scotia and New Brunswick is a positive step towards environmental stewardship and economic reconciliation. As original caretakers of the land, the First Nations people are invested partners in supporting green energy solutions and energy resiliency, and are committed to active participation in this project.
Crystal Nicholas, President, Wskijinu'k Mtmo'taqnuow Agency Ltd.
We are proud to partner with our sisters and brothers in Nova Scotia on this project. Not only will we work together to ensure the lands and waters in our ancestral territory are protected but we will have the ability to provide training and opportunities for our community members. We would like to thank the federal government for providing us with the ability to be part of this project that is important for the Maritimes.
Chief Rebecca Knockwood, MUIN Transmission Limited Partnership
The Wasoqonatl Intertie is a transformative project for our region. It will make the power grid stronger and more reliable and open the door for more clean energy to move between provinces. We're proud to be working alongside our Mi'kmaw partners and the Canada Infrastructure Bank to bring this vision to life. With full approval from the Nova Scotia Energy Board, work is already underway--our team at Nova Scotia Power has started preparing the site and is focused on getting the transmission line built by 2028.
Peter Gregg, President and CEO, Nova Scotia Power Inc.
The partnership and investment announced today clearly shows that by working together with First Nations, governments, energy utilities and other key stakeholders we can advance our region's clean energy future for the benefit of all Atlantic Canadians. This regional collaboration will improve regional grid security and resilience which is important for the customers we serve.
Lori Clark, President and CEO, NB Power
CIBC is deeply committed to advancing the economic prosperity of Indigenous peoples by fostering enduring, meaningful partnerships and empowering the ambitions of Indigenous communities. We are honoured to champion Wasoqonatl Interie and the Indigenous Equity Initiative--driving greater Indigenous ownership and leadership in clean energy infrastructure.
Jaimie Lickers, SVP, Indigenous Markets, Commercial Banking, CIBC
SOURCE Canada Infrastructure Bank
Media contacts: Canada Infrastructure Bank, [email protected]; Wskijinu'k Mtmo'taqnuow Agency Ltd., [email protected]; MUIN Transmission Limited Partnership, Raven Boyer, [email protected]
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