Stonebridge and iA finance 168 MW Goose Harbour Lake Wind Farm

On January 6, 2025, Stonebridge Financial Corporation (“Stonebridge”), iA Financial Group ("Industrial Alliance"), Stonebridge Infrastructure Debt Fund II LP and the other project lenders under the Stonebridge facility announced the closing of a construction, clean technology Investment Tax Credit bridge and long-term debt financing in respect of the 168 MW Goose Harbour Lake Wind Farm (the “Project”), the total cost of which is estimated to be roughly C$450 million.

Canada Infrastructure Bank also provided C$224.2 million in loans for Project construction financing and to support the purchase of a 10% equity stake in the Project by 13 Mi’kmaw First Nations. Once constructed, the Project will be Nova Scotia’s largest wind farm and will supply power to the Port Hawkesbury Paper Mill, the largest industrial consumer of electricity in Nova Scotia, and to the Nova Scotia power grid.

Stonebridge, based in Toronto, Ontario, is a financial services company that offers financing solutions in the areas of project finance, structured finance, bulk lease finance, portfolio administration, advisory services, private debt, and asset management.

iA Financial Group, headquartered in Quebec, is one of Canada's largest insurance and wealth management groups, with operations in the United States.

McCarthy Tétrault advised Stonebridge and Industrial Alliance with a team led by Stephen Furlan and Jacob Stone that included Alexandre Saulnier-Marceau, Josh Friedman, Krista Trescher (Financial Services), Bruce Karn, Obruche Heinanen, Jesslyn Chong (Construction), and William McCollough (Real Property).