A Nova Scotia company aiming to construct some of the largest wind farms in the province alongside a green hydrogen production facility has secured a significant capital investment. EverWind revealed on Tuesday that it has obtained $175 million US, approximately $240 million Cdn, from Nuveen, an American asset management firm, through Nuveen’s energy power infrastructure credit fund.
CEO Trent Vichie expressed that this investment marks a crucial step for the company, enabling the commencement of construction this year on the initial phase of wind projects. This phase will consist of around 100 turbines with a minimum energy capacity of 650 megawatts. Vichie highlighted that this funding from Nuveen accounts for about 10% of the overall capital required for the projects, which are anticipated to exceed $2 billion.
Vichie emphasized the significance of the investment from Nuveen, stating that securing the remaining capital is a relatively manageable task. The wind projects, each expected to have a two-year construction timeline, include Windy Ridge, Kmtnuk, Bear Lake, and Upper Afton, located in various counties in Nova Scotia.
Although the first three projects have obtained environmental approval, the Bear Lake project faced a setback when it was denied a development agreement by the municipal council in West Hants. EverWind has appealed this decision to the Nova Scotia Regulatory and Appeals Board, with the case currently under review.
EverWind’s overarching strategy involves leveraging the electricity generated from its wind farms to fuel hydrogen production and subsequent ammonia export. The company plans to expand with hundreds more turbines in Phase 2 and establish a production and export facility in Point Tupper, Nova Scotia.
Despite facing opposition from individuals advocating for local energy use, Vichie defended EverWind’s approach, asserting that their wind farms will contribute to the local grid. Brendan Chard, EverWind’s vice president of power supply, outlined the grid benefits associated with the company’s operations, emphasizing the positive impact on voltage stability and the ability to support local energy demands during peak periods.
Membertou First Nation holds a majority stake in the four wind projects, with Chief Terry Paul underscoring the band’s commitment to sustainable economic development and respectful project execution.
In summary, EverWind’s recent capital injection from Nuveen marks a significant milestone in advancing its wind farm and green hydrogen projects in Nova Scotia, signaling progress towards a sustainable energy future for the region.