Desjardins Group completes C$105.6M financing in respect of the Weavers Mountain Wind Energy Project
On March 7, 2025, Desjardins Group announced the closing of a C$105.6 million long term construction and clean technology Investment Tax Credit bridge, letter of credit facility and long-term debt financing for the 94.4 MW Weavers Mountain Wind Energy Project, located in Nova Scotia (the “Project”).
The Canada Infrastructure Bank also provided C$117.4 million in loans for Project construction financing and Natural Resources Canada will contribute C$25 million in grants. Glooscap First Nation will hold a majority stake in a joint venture with SWEB Development. Once constructed, the Project, featuring 16 turbines, aims to reduce annual emissions by about 221,000 tonnes of CO2e, equivalent to 1.5% of Nova Scotia’s total emissions in 2022.
The Desjardins Group, headquartered in Lévis, Quebec, is the largest federation of credit unions in North America.
SWEB Development is a developer, constructor and operator of wind energy projects throughout North America. SWEB Development is part of W.E.B. international group of company, an Austria based company.
McCarthy Tétrault advised The Desjardins Group with a team led by Jacob Stone that includes Alexandre-Saulnier Marceau, Mathieu Munger-Bernier, Josh Friedman, Krista Trescher, Yassine Khadir (Financial Services), Lévy Bazinet (Construction), William D. McCullough (Real Property), François Gilbert and Antoine Lebrun (Derivatives).
