February 22, 2024 – Canada Infrastructure Bank (CIB) is committing $138.2 million to support the development of Atlantic Canada’s “largest planned energy storage project” by Nova Scotia Power Inc., in collaboration with Wskijinu’k Mtmo’taqnuow Agency Ltd. (WMA)—an economic limited partnership owned by 13 Mi’kmaw communities.

“This investment outlines the collaborations and partnerships we have been working on to help mitigate project costs and work meaningfully with our Mi’kmaw communities,” said Peter Gregg, president & CEO, Nova Scotia Power Inc. “We look forward to continuing to work closely with our federal, provincial, Mi’kmaw and community partners on Nova Scotia’s clean energy transition.”

NS Power will receive a loan of up to $120.2 million while WMA receives an equity loan of up to $18 million—CIB’s first Indigenous Equity Initiative loan, in fact.

“[…] WMA is proud to be doing our part to bring about positive transformations to the energy industry,” said Crystal Nicholas, president. “This investment in battery storage is a significant step toward true economic reconciliation and developing a more sustainable future for all Mi’kma’ki.”

The project, which is subject to regulatory approval, involves the construction and deployment of energy storage facilities in the communities of White Rock, Bridgewater, and Waverley.

Phased construction activities on the proposed project sites are planned to begin in 2024 and continue through 2026, with the first site operational in 2025.

The project is WMA’s first equity participation with Nova Scotia Power.