Resource logo with tagline

EverWind secures equity funding for Point Tupper project

EverWind Fuels said in a filing that it has secured equity funding for the Point Tupper green ammonia project in Nova Scotia.

EverWind Fuels has secured equity funding for the Point Tupper green hydrogen project in Nova Scotia, according to a filing.

The company made the disclosure in an environmental assessment document filed with Nova Scotia related to the wind farm that will power phase 1 of the green hydrogen/ammonia project. The green hydrogen project, the first phase of which is designed to produce 240,000 tonnes per year of green ammonia, has already received environmental approvals.

The filing notes that EverWind is currently raising project debt financing via CIBC and Citibank, and that it has received letters of support for the debt funding. It goes on to state plainly that equity funding for the project has been secured.

Additional details of the equity funding were not disclosed. An Everwind official did not respond to a call for comment.

The document notes that EverWind has signed memoranda of understanding (MOUs) with Bayside Development Corporation (Paqtnkek) and Potlotek Development Corporation for minority equity investments.

The wind project, known as Windy Ridge Wind, is a proposed onshore wind farm with a total of 49 wind turbines that will include associated infrastructure such as a substation, an operation and maintenance building, a transmission line to the Nova Scotia Power Incorporated (NSPI) interconnection point, power collection systems, access roads, and temporary laydown areas.

The project turbines will have a nominal nameplate capacity 340 MW. The development of this project will provide renewable energy required to produce certified green hydrogen and ammonia in the region, supporting the clean renewable energy initiative.

EverWind has retained Renewable Energy Systems (RES) to develop, construct, and initially operate the wind project.

The German groups E.ON and Uniper said in 2022 they aim to buy up to 500,000 tonnes per year of ammonia each from EverWind, starting in 2025, when the project was set to begin production. The project is now set to begin production in 2026.

Unlock this article

The content you are trying to view is exclusive to our subscribers.
To unlock this article:

You might also like...

Welcome Back

Get Started

Sign up for a free 15-day trial and get the latest clean fuels news in your inbox.