CIB to Invest $117.4M in Weavers Mountain Wind Energy Project
April 8, 2025
The Weavers Mountain Wind Energy Project will feature 16 Nordex turbines at a 125-metre hub height, with anti-icing system blade technology and a 25-year power purchase agreement.
The Canada Infrastructure Bank (CIB) has reached financial close on a $117.4 million loan to support the construction of a 94.4-megawatt wind farm in Nova Scotia’s Antigonish and Pictou counties.
The project will generate clean, renewable power and will create approximately 150 jobs during the construction phase.
Glooscap First Nation will hold a majority stake in a joint venture with SWEB Development. The project will be supported by Desjardins Group, which will provide $105.6 million in credit facilities, while Natural Resources Canada will contribute $25 million in grants.
The financing will help fund the installation of wind turbines and associated electricity infrastructure. The project aims to reduce annual emissions by about 221,000 tonnes CO2e, equivalent to 1.5% of Nova Scotia’s total emissions in 2022.
Nova Scotia aims to achieve 80% of energy from renewables by 2030, with a goal to reduce greenhouse gas emissions from electricity generation by more than 90%.
The CIB’s low-cost, long-term financing plays an important role in narrowing the affordability gap between wind generation and alternative emitting sources.
Project revenues from a power purchase agreement with Nova Scotia Power Inc. will be used to repay the CIB loan.
The wind project is expected to begin commercial operations in late 2026, marking an important step forward in the province’s transition towards a more sustainable future.
