MILLBROOK – The Canada Infrastructure Bank (CIB) is providing $54 million in equity loans to the Wasoqonatl intertie, bringing its total investment to $285 million.
According to a release, through its Indigenous Equity Initiative (IEI), the 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; and
- $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.
The Nova Scotia Energy Board had previously approved the Wasoqonatl project, with construction scheduled for completion in 2028. It includes a 160-kilometre, 345-kV transmission line running parallel to the existing Onslow, N.S. to Salisbury, N.B. connection.
Project ownership will be through a regulated utility corporation with Nova Scotia Power Inc., the CIB, MUIN Transmission Limited Partnership and WMA as limited partners.
Construction of the transmission line is expected to support approximately 587 jobs and generate $105 million in GDP, the release reads.
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. In addition, NRCan provided $220,210 to WMA through the Smart Renewables and Electrification Pathways Program.
To date, the CIB has committed nearly $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.
