Novaporte seeks investment for offshore wind supply chain hub

Novaporte said it is advancing plans for a proposed offshore wind manufacturing port in Sydney Harbour following discussions with Canadian and international investors at the Canada Investment Summit in Toronto.

The company said its proposed Phase 1 infrastructure program is valued at more than US$1 billion and is intended to support offshore wind manufacturing, assembly, logistics, operations and maintenance activities in Cape Breton. The project is being developed with Membertou First Nation and investment partner Fengate Asset Management, which has provided indicative support for an equity investment of up to $300 million across the Novaporte platform.

According to the company, the proposed port would combine heavy-lift marine infrastructure with industrial lands aimed at attracting offshore wind manufacturers and suppliers while connecting Canadian production to North Atlantic and European markets.

“The conversations in Toronto demonstrate the importance of bringing Indigenous partnership, Canadian capital and international investment together around projects that can create opportunities for generations,” said Chief Terry Paul, chief and CEO of Membertou.

Novaporte said the project would also support Nova Scotia’s offshore wind ambitions by creating an integrated supply chain ecosystem that includes manufacturing, logistics and workforce development partnerships.