Inuit-led wind energy project receives $20-million CIB loan

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Photo by Cole Burston/Bloomberg via Getty ImagesAn Inuit-led renewable energy project that will supply power to Agnico Eagle Mines LTd.’s Hope Bay operation in Nunavut’s Kitikmeot Region is receiving a $20 million financing from Canada Infrastructure Bank (CIB).THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe federal Crown corporation announced on Wednesday the financial close of the loan to a partnership between the Kitikmeot Inuit Association (KitIA) and Tugliq Energy, to advance the wind project located adjacent to the Hope Bay mine.The project includes a 4.2-megawatt wind turbine and a four-megawatt battery energy storage system to support decarbonization operations at one of Canada’s northernmost mines. CIB anticipates it to generate long-term revenues for the Kitikmeot InuitGet the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try again“The Hope Bay Wind Project will deliver lasting economic benefits, create new career opportunities in the Kitikmeot Region and reduce reliance on diesel in the Arctic,” said CIB chief executive Ehren Cory.The wind energy and storage system is expected to reduce diesel-based electricity generation by up to three million litres annually. Electricity generated will be integrated into the mine’s conventional energy system to help power construction and mining operations, lowering direct and indirect emissions by approximately 13,000 tonnes annually and reducing fuel transportation in the Arctic, it said.The project is also expected to create 15 jobs during peak construction and deliver long-term economic benefits through a profit-sharing model.CIB said the loan helps address the significant upfront capital costs associated with the buildout of clean energy infrastructure in northern and remote regions and complements a $25 million contribution from Natural Resources Canada through the Smart Renewables and Electrification Pathways program.It is the Crown corporation’s second project in Nunavut, following its $6.7 million loan towards Anuriqjuak Nukkiksautiit Wind in Sanikiluaq.We apologize, but this video has failed to load.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. 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