A Cape Breton paper mill says a federal funding in 24 new wind generators completes the financing of a challenge that can safe its future electrical energy wants.
The Canada Infrastructure Bank has introduced it would present $224.2 million in loans for Port Hawkesbury Paper Wind Ltd., which is able to provide about 60 per cent of the typical annual energy wants of its sister firm, Port Hawkesbury Paper.
Nigel Cave, the vice-president of Stern Companions, which owns the 2 companies, mentioned throughout a information convention in Mulgrave, N.S., that the $450 million challenge, referred to as Goose Harbour Lake wind farm, is now absolutely financed.
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The wind farm, which might be 10 per cent owned by 13 Mi’kmaq First Nations, might be able to producing 168 megawatts of electrical energy as soon as the generators start working in late fall 2026.
The infrastructure financial institution says the challenge entails the set up of Nordex generators in Guysborough County on lands owned by the paper firm, situated throughout the Strait of Canso from the plant.
In whole, the wind farm is anticipated to cut back greenhouse fuel emissions by greater than 350,000 tonnes a 12 months, equal to 2.4 per cent of Nova Scotia’s emissions in 2021.
Port Hawkesbury Paper produces paper for magazines and catalogues, straight employs roughly 325 individuals, and contracts one other 900 jobs. It additionally gives earnings to a whole bunch of forestry contractors and suppliers.
Stern Companions, primarily based in Vancouver, bought and restructured the paper firm by means of the Corporations’ Collectors Association Act, and the manufacturing unit resumed manufacturing in 2012.
This report by The Canadian Press was first printed Jan. 6, 2025.
© 2025 The Canadian Press
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