EverWind, a company aiming to construct major wind farms and a green hydrogen production facility in Nova Scotia, has secured a significant capital investment from American asset management firm Nuveen. The investment of $175 million US, equivalent to approximately $240 million Cdn, marks a crucial milestone for the company.
CEO of EverWind, Trent Vichie, expressed that this funding, provided by Nuveen’s energy power infrastructure credit fund, will enable the commencement of construction this year for the initial phase of wind projects, including around 100 turbines and a minimum capacity of 650 megawatts of energy.
This investment constitutes roughly 10% of the total capital cost of the projects, estimated to exceed $2 billion. Vichie emphasized the importance of this capital injection from Nuveen, stating that raising the remaining funds is a relatively straightforward process.
The wind projects, anticipated to require two years for completion each, consist of 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 application for Upper Afton is currently in progress.
Despite facing challenges, EverWind plans to utilize the electricity generated from its wind farms for hydrogen and ammonia production for export purposes. The company’s long-term strategy includes the installation of additional turbines in Phase 2 and the establishment of a production and export facility in Point Tupper, N.S.
Addressing concerns regarding local energy needs, Vichie asserted that EverWind’s wind farms would contribute to the local grid. Brendan Chard, EverWind’s VP of power supply, highlighted the grid benefits, including improved voltage stability through electrolysers in the hydrogen plant and the ability to decrease consumption during peak demand to support local energy requirements.
Membertou First Nation holds a majority stake in the four wind projects, with Chief Terry Paul emphasizing the band’s commitment to sustainable economic growth while respecting the land. The involvement of the First Nation community reflects a collaborative approach to project development.
In conclusion, EverWind’s recent investment injection signifies a significant step towards advancing renewable energy initiatives in Nova Scotia, despite facing some opposition and challenges along the way.