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An 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).
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The 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.
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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 Inuit
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“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.
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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.
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The project is also expected to create 15 jobs during peak construction and deliver long-term economic benefits through a profit-sharing model.
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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.
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It is the Crown corporation’s second project in Nunavut, following its $6.7 million loan towards Anuriqjuak Nukkiksautiit Wind in Sanikiluaq.
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