ENERGY STORAGE

CIB to commit $138.2m to NS Power-WMA Canadian energy storage project

February 19, 2024

The Canada Infrastructure Bank (CIB) is to commit $138.2 million to support the development of Atlantic Canada’s “largest planned energy storage project” by Nova Scotia Power (NS Power) in collaboration with Wskijinu’k Mtmo’taqnuow Agency (WMA), an economic limited partnership owned by 13 indigenous Mi’kmaw communities.

Under terms of these arrangements, NS Power, Nova Scotia’s main electricity provider, 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 in Nova Scotia.

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

The CIB’s investment will support Nova Scotia’s plan to retire coal-based power generation and reach 80 per cent renewables by 2030.

The project is WMA’s first equity participation with Nova Scotia Power. CIB’s equity loan to WMA is its first under the Indigenous Equity Initiative (IEI), which fills a market gap by providing Indigenous communities access to capital and opportunities to invest in infrastructure projects across Canada.

Ehren Cory, CEO, Canada Infrastructure Bank, said:The CIB’s goal of supporting innovative energy projects across the country has been reinforced with a landmark investment in Nova Scotia. It’s exciting to couple the largest battery storage investment in Atlantic Canada with our first Indigenous Equity Initiative loan. Through today’s investment, these 13 Mi’kmaw communities will be able to make an equity investment in infrastructure which will make a real difference for the province’s energy sector.

Crystal Nicholas, president, Wskijinu’k Mtmo’taqnuow Agency, added: Creating a greener future is a priority for the Mi’kmaw Nation and WMA is proud to be doing our part to bring about positive transformations to the energy industry. This investment in battery storage is a significant step towards true economic reconciliation and developing a more sustainable future for all Mi’kma’ki.”

Peter Gregg, president and CEO, Nova Scotia Power Inc, said: The path to 2030 will take all of us working together. This investment outlines the collaborations and partnerships we have been working on to help mitigate project costs and work meaningfully with our Mi’kmaw communities. We look forward to continuing to work closely with our federal, provincial, Mi’kmaw and community partners on Nova Scotia’s clean energy transition.”