The Canada Infrastructure Bank (CIB) has committed $224.2 million in loans to support the $450 million Goose Harbour Lake Wind Farm project in Guysborough County, Nova Scotia.
Developed by Port Hawkesbury Paper Wind and RES Canada Construction, the wind farm will enhance Nova Scotia’s energy grid and provide clean power to Port Hawkesbury Paper, the province’s largest industrial electricity consumer.
The project will feature 24 Nordex N163-7.0MW cold climate turbines with anti-icing technology, standing at a hub height of 118m. With a total capacity of 168MW, the turbines will produce zero-emission electricity. The wind farm is expected to begin operations in 2026.
The funding includes an indigenous equity loan, allowing 13 Mi’kmaw First Nations to acquire a 10% stake in the project through their business, WMA. This marks WMA’s second financial backing from CIB, following an earlier energy storage project in Nova Scotia.
Stonebridge Financial facilitated financing arrangements, including construction loans, investment tax credits, and long-term debt. The wind farm is expected to reduce greenhouse gas emissions by over 350,000 tonnes annually, representing 2.4% of Nova Scotia’s 2021 emissions.
CIB CEO Ehren Cory highlighted the project’s role in sustainable economic development, while Nova Scotia Minister of Energy Trevor Boudreau emphasized its contribution to the province’s clean energy transition and net-zero goals.