The investment from global asset manager Nuveen will fund the construction of over 650MW of onshore wind generation across Nova Scotia for EverWind’s Point Tupper Green Fuels Project.

Scheduled to break ground this year and reach commercial operation by 2028, EverWind says its first phase would produce 200,000 tonnes of green ammonia per year, increasing to up to one million tonnes in its second phase.

Most of this looks set for export to markets like Europe. In August 2022, German firms Eon and Uniper both signed non-binding memoranda of understanding with EverWind, each for an annual 500,000 tonnes.

The new funding comes from Nuveen’s Energy Infrastructure Credit, a low-carbon-focused private debt solutions provider.

Trent Vichie, CEO of EverWind, said the new investment represents a vote of confidence in Nova Scotia as a hotspot for clean energy infrastructure.

However, it comes amid growing questions around the viability of large-scale Canadian green hydrogen exports.

In 2022, the Canadian and German governments signed a pact to build up trade in green molecules. They subsequently launched a joint €400m ($470m) double-sided auction that would provide funding to Canadian green hydrogen projects that sell molecules to Germany.

However, Everwind was recently among firms stripped of Crown Land in Newfoundland, dealing a blow to its Burin Peninsula green fuels project.

This followed the shelving of World Energy GH2’s planned 1.2GW Newfoundland development, after failing to secure any offtake agreements.