CIB Loans $206 million Towards Mersey River Wind
March 10, 2026
CIB is providing a $206 million loan to a partnership between Slate Asset Management and funds managed by Hamilton Lane to develop a wind farm at Mersey River. Project partner Renewall Energy Inc. will sell electricity to end customers in Nova Scotia.
The project includes construction and installation of 33 wind turbines with related grid connection infrastructure. The wind farm is expected to supply 148.5 MW of zero-emission electricity, capable of powering more than 50,000 homes.
The announcement was made by the Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada, and the Honourable Tim Hodgson, Minister of Energy and Natural Resources.
This large-scale project will help support the province’s energy transition, as Nova Scotia moves from coal-based electricity generation to clean electricity by 2030. The wind farm is expected to avoid approximately 220,000 tonnes of emissions per year, equivalent to 1.5% of Nova Scotia’s carbon output in 2022.
Renewall secured Nova Scotia’s first renewable-to-retail program licence to sell electricity from 100% renewable sources directly to end customers. This licence gives residents, public institutions, commercial and industrial customers the ability to achieve emissions reductions and sustainability objectives.
Construction will take place in two phases, with the first phase expected to be completed in 2027. More than 200 workers are expected to be employed at the peak of construction activities.
The project is eligible for the Clean Technology Investment Tax Credit (ITC) for up to 30% of capital costs. Additionally, Natural Resources Canada’s Smart Renewables and Electrification Pathways (SREP) program is providing up to $25 million.
RBC is acting as administrative agent, lead arranger and bookrunner of related construction loans to Mersey River Wind.
The project is being financed under the CIB’s Clean Power priority sector, which addresses financing gaps in low-carbon emissions projects such as renewables, district energy systems and energy storage.
Minister Hodgson also announced that NRCan will provide nearly $5 million in funding to Net Zero Atlantic for the Data Analysis and Modelling for Atlantic Offshore Wind and Transmission project, to support the next stage of offshore wind planning and the proposed Wind West and Atlantic Energy Strategy.
The Province of Nova Scotia’s contribution is both financial and in-kind support, valued at nearly $700,000.
