Friday, February 27, 2026
The Canada Infrastructure Bank (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.
“Clean power investments are essential to meeting energy security goals and ensuring sustainable economic development. Our $206 million loan in Mersey River Wind supports an important clean energy project and shows how the CIB can collaborate on sustainable infrastructure, create energy resilience for Nova Scotians and stimulate economic opportunities,” said Ehren Cory, CEO, Canada Infrastructure Bank.
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 per cent of Nova Scotia’s carbon output in 2022.
(Natural Resources Canada)
Renewall secured Nova Scotia’s first renewable-to-retail program licence to sell electricity from 100 per cent 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.
“Renewall is bringing greater choice and affordability to Nova Scotia electricity consumers for the very first time. With the support of the Canada Infrastructure Bank and the Government of Canada, the Mersey River Wind project will harness our province’s natural wind power advantage to provide clean renewable power to Nova Scotia families and businesses for decades to come,” said Dan Roscoe, President, Renewall Energy Inc.
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 per cent 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.
“Nova Scotia is quickly becoming a recognized leader for getting energy projects done here, and I am delighted to see progress on the Mersey River Wind project. With our immense energy opportunities, including onshore and offshore wind, we can power our economy and improve energy security, reliability, and affordability. We continue to press forward on our Wind West plan, and this analysis and modelling project will help inform long-term planning and support readiness for a clean, reliable, and interconnected electricity system powered by Nova Scotia’s offshore wind,” said Tim Houston, Premier of Nova Scotia and Minister of Energy.
Featured image: A bridge crosses the Mersey River under blue skies near the future site of a wind farm. (CNW Group/Canada Infrastructure Bank)
