HALIFAX - Port Hawkesbury Paper Wind Ltd., a Cape Breton paper mill, has secured crucial financing for a significant renewable energy project with the help of a federal investment aimed at meeting its future electricity demands. The Canada Infrastructure Bank announced a loan of $224.2 million for the development of 24 new wind turbines, which are set to supply approximately 60 percent of the average annual power requirements for its affiliated company, Port Hawkesbury Paper.
The project, named the Goose Harbour Lake wind farm, is estimated to total $450 million and is now fully financed, according to Nigel Cave, the vice-president of Stern Partners, the Vancouver-based firm that owns both companies. This wind farm will be pivotal for the paper mill's energy sustainability and efforts towards reducing environmental impact.
Once operational in late fall 2026, the wind farm, located in Guysborough County on lands owned by the paper company, will have the capacity to generate 168 megawatts of electricity. Of particular interest is that this project will see 10 percent ownership shared among 13 Mi'kmaq First Nations, marking an important collaboration with local Indigenous groups. The infrastructure bank has indicated that the installation will utilize Nordex turbines, reflecting a commitment to advancing green technology in the region.
The environmental benefits of the Goose Harbour Lake wind farm are noteworthy, as it is expected to reduce greenhouse gas emissions by more than 350,000 tonnes annually. This reduction accounts for approximately 2.4 percent of Nova Scotia's emissions recorded in 2021, illustrating a significant step towards achieving the province's energy and climate goals.
Port Hawkesbury Paper plays a vital role in the local economy, producing paper products for magazines and catalogs. The facility directly employs around 325 individuals and supports an additional 900 jobs indirectly through contracts. Furthermore, it generates substantial income for numerous forestry contractors and suppliers, showcasing its importance to the community and the regional economic landscape.
Stern Partners acquired Port Hawkesbury Paper and undertook a comprehensive restructuring process under the Companies’ Creditors Arrangement Act. Since the factory resumed production in 2012, it has seen a focus on modernization and sustainability, aligning its operations with contemporary environmental practices and stringent industry standards. The initiation of the Goose Harbour Lake wind farm signals a bold move towards a greener future for the company.
This significant investment in renewable energy aligns with broader national and global initiatives aimed at transitioning to sustainable energy sources while supporting local economies. The partnership with the Mi'kmaq First Nations further exemplifies a commitment to inclusive development and collaboration in pursuing environmentally responsible projects.
