CIB commits $138.2 million to major Nova Scotia energy storage project – Construct Connect

February 26, 2024

OTTAWA – The Canada Infrastructure Bank (CIB) has announced it is committing $138.2 million to support the development of Atlantic Canada’s largest planned energy storage project by Nova Scotia Power Inc. (NS Power) in collaboration with Wskijinu’k Mtmo’taqnuow Agency Ltd. (WMA).

WMA is an economic limited partnership owned by 13 Mi’kmaw communities. Under terms of the arrangements, NS Power will receive a loan of up to $120.2 million while WMA will receive an equity loan of up to $18 million.

The project, which is subject to regulatory approval, involves the construction and deployment of energy storage facilities in the communities of White Rock, Bridgewater and Waverley, assisting in the province’s plan to retire coal-based power generation and reach 80 per cent renewables by 2030.

Phased construction activities on the proposed project sites are planned to begin in 2024 and continue through 2026, with the first site operational in 2025.

Read More: https://canada.constructconnect.com/dcn/news/government/2024/02/cib-commits-138-2-million-to-major-nova-scotia-energy-storage-project