EverWind, a company planning to construct significant wind farms and a green hydrogen production facility in Nova Scotia, has secured a crucial capital investment. Nuveen, an American asset management firm, is providing $175 million US (approximately $240 million Cdn) to EverWind from its energy power infrastructure credit fund. This investment marks a milestone for EverWind, with CEO Trent Vichie emphasizing its importance for commencing construction on the initial phase of wind projects, including about 100 turbines and a minimum energy capacity of 650 megawatts.
Vichie stated that the funding from Nuveen, which covers about 10% of the total project cost expected to exceed $2 billion, is pivotal. Securing the remaining capital needed for the projects is deemed relatively straightforward by Vichie. The wind projects are set to be developed over two years each and 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 already received environmental approval, the Upper Afton project’s application is currently in progress. EverWind encountered a setback when the Bear Lake project was denied a development agreement last fall, leading to an appeal to the Nova Scotia Regulatory and Appeals Board, which is still pending review.
EverWind’s long-term strategy involves utilizing the electricity generated from its wind farms to produce hydrogen and ammonia for export. The company envisions expanding with additional turbines in Phase 2 and establishing a production and export facility in Point Tupper, Nova Scotia. Despite opposition from those advocating for local energy use over exports, Vichie argues that the wind farms will benefit the local grid.
Brendan Chard, EverWind’s vice president of power supply, highlighted the grid benefits of connecting to the Nova Scotia Power grid, including annual payments to the utility and enhanced voltage stability. Additionally, the energy operator can regulate EverWind’s consumption during peak demand to support local energy requirements. Membertou First Nation holds a majority stake in the wind projects, emphasizing the economic opportunities created while ensuring development aligns with Mi’kma’ki values.