CIB secures $217 M for transmission line connecting two provinces
The project is predicted to support about 587 direct and indirect jobs, generate $105 M and serve as an example of interprovincial collaboration.
Image for illustration purposes
Canada: The Canada Infrastructure Bank (CIB) has closed $21 M in equity financing to enable a new 160 km, 345 kV transmission line linking Nova Scotia (NS) and New Brunswick (NB) to enhance grid reliability and support renewable energy growth.
The CIB’s investment will support Nova Scotia in building a new transmission line parallel to the existing connection between Onslow, NS, and Salisbury, NB. Additionally, the CIB is collaborating with the Wskijinu’k Mtmo’taqnuow Agency (WMA), an economic development partnership representing Nova Scotia’s 13 Mi’kmaw First Nations, to finalize a complementary equity loan.
The loan will enable WMA to secure an ownership stake in the project through the CIB’s Indigenous Equity Initiative.
The CIB’s low-cost equity is projected to save Nova Scotia electricity ratepayers around $200 M.
Construction of the transmission line is anticipated to support about 587 direct and indirect jobs, generate $105 M in GDP and serve as an example of interprovincial collaboration. It is expected to be completed in Fall 2028.
The CIB has committed $743 M towards five energy projects in Atlantic Canada, including three wind farms, energy storage infrastructure and the ongoing transmission intertie.
The CIB’s Clean Power sector, which aims for about $10 B in investments, is dedicated to addressing financing gaps in new projects such as renewables, transmission, district energy systems and energy storage.
Source: T&D World
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