CIB's $118 million loan will accelerate the province's clean energy transition
- 17 wind turbines to provide 100 megawatts of clean electricity to the grid.
- Project to reduce greenhouse gas emissions by over 200,000 tonnes annually
- 100 workers at peak of construction and new, full time jobs during operations.
HALIFAX, NS, Sept. 25, 2024 /CNW/ - The Canada Infrastructure Bank (CIB) and Elemental Energy have reached financial close on a $118 million loan to support the Higgins Mountain Wind Project, located within the municipalities of Colchester and Cumberland in Nova Scotia.
The wind farm is strategically positioned on a site with strong wind generation capacity, and existing transmission infrastructure nearby, making it an ideal location to produce and transmit clean energy. The 17 wind turbines will have the capacity to generate up to 100 megawatts of clean and reliable electricity, enough to power more than 40,000 homes.
By replacing coal-emitting energy sources, the wind project will cut carbon emissions by more than 200,000 tonnes a year and support a cleaner, more sustainable grid.
Elemental Energy and their partners Stevens Wind and Sipekne'katik First Nation (SFN) will design, construct and operate the Higgins Mountain Wind facility, which includes training and development opportunities for the Nation and local contractors. It is anticipated up to 100 jobs will be created during the construction period and additional full-time employment opportunities will be created to support operations.
Construction of the wind facility is now underway, with operations commencing by late 2025.
The CIB's flexible project financing will help accelerate this project and support Nova Scotia's energy transition goal of 80 per cent clean energy by 2030.
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.
Endorsements
Projects like Higgins Mountain Wind are invaluable in reducing our carbon emissions and tackling climate change. This project will also drive down energy costs, support the local economy, and create more jobs for Nova Scotians. As we work with Nova Scotia to transition to greener energy sources, the CIB's investment of $118 million – and the partnership with Elemental Energy, Stevens Wind, and Sipekne'katik First Nation – will make an incredible impact.
Hon. Sean Fraser, Minister of Housing, Infrastructure and Communities
Our $118 million loan towards the Higgins Mountain Wind Project demonstrates our continued commitment to advancing clean energy projects across the province of Nova Scotia. The CIB is proud to support projects that provide homes and businesses with clean, reliable electricity, which is essential for the province as they work towards a more sustainable power grid.
Ehren Cory, CEO, Canada Infrastructure Bank
Elemental Energy, along with our partners, Sipekne'katik First Nation and Stevens Wind, is proud to support the federal government and the province of Nova Scotia with reducing greenhouse gas emissions by contributing clean, affordable and renewable electricity for the benefit of all Nova Scotians through the Higgins Mountain Wind Farm Project. We have been pleased to work collaboratively with the CIB, along with other stakeholders on the project including Natural Resources Canada and Royal Bank of Canada to bring this project to life.
Jamie Houssian, Principal, Elemental Energy
Learn More:
Canada Infrastructure Bank
Elemental Energy
SOURCE Canada Infrastructure Bank
Media contacts: Canada Infrastructure Bank, [email protected]
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