Wednesday, January 21, 2026
The Canada Infrastructure Bank (CIB) is strengthening Indigenous ownership in clean energy infrastructure with $54 million in equity loans, bringing its total commitment to the Wasoqonatl intertie project to $285 million.
Through its Indigenous Equity Initiative (IEI), CIB will provide:
- $36 million to Wskijinu’k Mtmo’taqnuow Agency Limited (WMA), enabling Nova Scotia’s 13 Mi’kmaw First Nations to acquire an equity stake in the project;
- $18 million to MUIN Transmission Limited Partnership, supporting New Brunswick Mi’gmaq First Nations in securing their first ownership stake in a large-scale clean power project.
“We are proud to support meaningful Indigenous reconciliation by enabling First Nations in Nova Scotia and New Brunswick to acquire ownership stakes in critical energy infrastructure. By increasing our equity investment, we are ensuring ratepayers benefit from $200 million in savings while creating jobs and economic opportunities,” said Ehren Cory, CEO, Canada Infrastructure Bank.
CIBC is acting as sole bookrunner and sole lead arranger on a combined $264.3 million of Indigenous equity loans and project construction financing.
The CIB’s investment in the project now totals $285 million (up from $217 million announced in March 2025), including Indigenous equity loans and measures to preserve approximately $200 million in savings for Nova Scotia electricity customers.
Wasoqonatl, pronounced wa•so•hgo•Na•dêl, means “illuminate” or “keep light on” in Miꞌkmawiꞌsimk (Mi’kmaw language).
“Including Indigenous partners like the WMA and MUIN that represent First Nations communities in Nova Scotia and New Brunswick is a positive step towards environmental stewardship and economic reconciliation. As original caretakers of the land, the First Nations people are invested partners in supporting green energy solutions and energy resiliency, and are committed to active participation in this project,” said Crystal Nicholas, President, Wskijinu’k Mtmo’taqnuow Agency Ltd.
The Nova Scotia Energy Board had previously approved the Wasoqonatl project, with construction scheduled for completion in 2028.
The Wasoqonatl intertie includes a 160-km, 345-kV transmission line running parallel to the existing Onslow, NS, to Salisbury, NB. connection. The project will improve interprovincial electricity trade, enhance grid resilience and energy security, and support affordability for Canadians.
“The Wasoqonatl Intertie is a transformative project for our region. It will make the power grid stronger and more reliable and open the door for more clean energy to move between provinces. We’re proud to be working alongside our Mi’kmaw partners and the Canada Infrastructure Bank to bring this vision to life. With full approval from the Nova Scotia Energy Board, work is already underway—our team at Nova Scotia Power has started preparing the site and is focused on getting the transmission line built by 2028,” said Peter Gregg, president and CEO, Nova Scotia Power Inc.
Project ownership will be through a regulated utility corporation with Nova Scotia Power Inc. (NSPI), the CIB, MUIN Transmission Limited Partnership and WMA as limited partners.
Construction of the transmission line is expected to support approximately 587 direct and indirect jobs, generate $105 million in GDP and serves as an example of interprovincial collaboration.
“We are proud to partner with our sisters and brothers in Nova Scotia on this project. Not only will we work together to ensure the lands and waters in our ancestral territory are protected but we will have the ability to provide training and opportunities for our community members. We would like to thank the federal government for providing us with the ability to be part of this project that is important for the Maritimes,” said Chief Rebecca Knockwood, MUIN Transmission Limited Partnership.
To date, the CIB has committed more than $2.2 billion to 12 projects in Atlantic Canada, including wind farms, energy storage, a paper mill energy upgrade, broadband expansions and this first-ever equity investment in a transmission line.
Natural Resources Canada committed $4.38 million for pre-development activities related to the project through its Electricity Predevelopment Program, along with $20.1 million under the Strategic Interties Predevelopment Program, including $9.5 million to Nova Scotia Power, announced by Minister Hodgson today. In addition, NRCan provided $220,210 to WMA through the Smart Renewables and Electrification Pathways Program (SREPs).
“From day one, Canada’s new government has stepped up to support Indigenous equity and leadership in the projects that will make us a clean energy superpower. The Wasoqonatl intertie is a perfect example of this approach in action: major Indigenous-owned clean power infrastructure that connects our country and saves Canadians money. This is how we build Canada Strong, together,” said Tim Hodgson, Minister of Energy and Natural Resources.
Featured image: (Canada Infrastructure Bank)
