HALIFAX - A Cape Breton paper mill says a federal investment in 24 new wind turbines completes the financing of a project that will secure its future electricity needs.
The Canada Infrastructure Bank has announced it will provide $224.2 million in loans for Port Hawkesbury Paper Wind Ltd., which will supply about 60 per cent of the average annual power needs of its sister company, Port Hawkesbury Paper.
Nigel Cave, the vice-president of Stern Partners, which owns the two firms, said during a news conference in Mulgrave, N.S., that the $450 million project, called Goose Harbour Lake wind farm, is now fully financed.Â
The wind farm, which will be 10 per cent owned by 13 Mi'kmaq First Nations, will be capable of generating 168 megawatts of electricity once the turbines begin operating in late fall 2026.
The infrastructure bank says the project involves the installation of Nordex turbines in Guysborough County on lands owned by the paper company, located across the Strait of Canso from the plant.
In total, the wind farm is expected to reduce greenhouse gas emissions by more than 350,000 tonnes a year, equivalent to 2.4 per cent of Nova Scotia’s emissions in 2021.
Port Hawkesbury Paper produces paper for magazines and catalogues, directly employs approximately 325 people, and contracts another 900 jobs. It also provides income to hundreds of forestry contractors and suppliers.Â
Stern Partners, based in Vancouver, purchased and restructured the paper company through the Companies' Creditors Arrangement Act, and the factory resumed production in 2012. Â
This report by ºÃÉ«tvwas first published Jan. 6, 2025.
