EverWind, a company aiming to construct some of Nova Scotia’s largest wind farms and a green hydrogen production facility, has secured a significant capital investment from American asset management company Nuveen. The investment of $175 million US, equivalent to about $240 million Cdn, marks a crucial milestone for EverWind. CEO Trent Vichie stated that this funding will enable the commencement of construction this year on the initial phase of wind projects, which will include approximately 100 turbines and a minimum energy capacity of 650 megawatts.
Vichie emphasized the importance of this investment from Nuveen, stating that it represents around 10% of the total capital cost of the projects, which are expected to exceed $2 billion. He expressed confidence in securing the remaining funding, describing it as a relatively straightforward process.
The wind projects planned by EverWind are set to be developed in different counties, with each project estimated to take two years to complete. These projects include Windy Ridge in Colchester County, Kmtnuk in Colchester County, Bear Lake in Hants County, and Upper Afton in Antigonish County. While the first three projects have received environmental approval, the Upper Afton project is in the registration process.
EverWind’s long-term vision involves utilizing the electricity generated by its wind farms to power hydrogen and ammonia production for export. The company plans to expand its operations in Phase 2 by installing hundreds more turbines and establishing a production and export facility in Point Tupper, N.S. Despite facing opposition from those advocating for local energy consumption, EverWind aims to contribute to the local grid while focusing on its Point Tupper operations.
Brendan Chard, EverWind’s vice-president of power supply, highlighted the grid benefits that the company will provide, including financial contributions to Nova Scotia Power and enhanced voltage stability through electrolysers in the hydrogen plant. Additionally, Chard mentioned the company’s ability to adjust its consumption during peak demand to support local energy requirements.
The majority ownership of the four wind projects lies with Membertou First Nation, with Chief Terry Paul emphasizing the band’s commitment to economic growth and respectful project development. The involvement of the First Nation aims to ensure that projects are carried out with care and accountability in Mi’kma’ki territory.