CIB to Invest $45.8 Million in Benjamins Mill Wind

The Canada Infrastructure Bank (CIB) has reached financial close on a $45.8 million loan to support the development of a 34-megawatt wind farm in Hants County, Nova Scotia. The project is being led by a joint venture between Wskijinu'k Mtmo'taqnuow Agency Ltd (WMA) and independent power producer Natural Forces.

WMA is an economic limited partnership owned by all 13 Mi'kmaw First Nations in the province.

The CIB's loan will help pay for the installation of eight wind turbines and associated electricity infrastructure. The project will create approximately 128 jobs during the construction phase and full-time positions during operations.

Benjamins Mill Wind is expected to result in an annual reduction of 84,500 tonnes of emissions, equivalent to 0.6% of Nova Scotia's total emissions in 2020.

Clean renewable energy infrastructure supports the decarbonization of the Nova Scotia electrical grid, contributes to more reliable, affordable electricity for ratepayers and accelerates the energy transition in the province.

The government of Nova Scotia set objectives to achieve 80% renewables by 2030, phase out coal generation and reduce greenhouse gas emissions from electricity generation by more than 90%.  

The CIB's low-cost, long-term financing narrows the affordability gap between wind generation and alternative emitting sources.

Partner revenues from a power purchase agreement with Nova Scotia Power Inc. will repay the CIB loan.

The wind project is expected to be commercially operational in late 2025.

Endorsements

Benjamins Mill Wind Farm will help Nova Scotia phase-out its dependency on coal generation, reduce green house gases, and support the creation of a cleaner, more affordable provincial energy grid. The CIB's investment, and the joint partnership between the Wskijinu'k Mtmo'taqnuow Agency Ltd (WMA) and Natural Forces, will invigorate the Hants County economy, creating jobs and economic opportunities for the region.
Kody Blois, Member of Parliament for Kings-Hants on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities

Our latest investment in Nova Scotia will further help the province's decarbonization efforts. The wind farm in Hants County will generate clean, renewable power and takes advantage of the province's support for similar projects. The CIB has already supported two wind farms and one energy storage project in Nova Scotia's efforts to phase out coal generation while creating new economic opportunities.
Ehren Cory, CEO, Canada Infrastructure Bank

Wind energy is among the most affordable renewable electricity resources available to Nova Scotia. The investments we're choosing will get us to our climate change goals, while helping reduce costs for Nova Scotian ratepayers.
Tory Rushton, Minister of Natural Resources and Renewables, Nova Scotia

Although this project is significant to our Mi'kmaw communities from an economic perspective, it's also important for us to be in leadership and partnership positions in clean energy projects as protectors of our natural resources. Our partnership with Natural Forces for the Benjamin Mills wind project supports WMA in accomplishing our purposes of contributing to the prosperity of the Mi'kmaw Nation and conducting and facilitating business for the Mi'kmaw with transparency and efficiency.
Crystal Nicholas, President and Interim Manager, Wskijinu'k Mtmo'taqnuow Agency Ltd.  

Successful projects are a result of strong policy foundations. Federal and provincial policies have led to a First Nation-owned project that delivers low-cost green energy for the ratepayers of Nova Scotia. By working together with government entities and independent power producers like WMA, we can achieve our goal of transitioning towards sustainable, low-cost energy solutions. Natural Forces is proud to be part of this amazing project.
Robert Apold, CEO & Principal, Natural Forces

Canada Infrastructure Bank | https://cib-bic.ca/