On October 23, 2025, the Mersey River Wind Project reached financial close, marking the first project to close under the Nova Scotia Renewable to Retail (RtR) Program and one of the largest wind project financings to close in Nova Scotia. The 148.5 MW wind project is being developed by Roswall Developments and Slate Infrastructure, in partnership with co-investor Hamilton Lane, through Mersey River Wind Inc. The total cost of the Mersey Wind Project across Phases 1 to 3 is approximately $532.6 million. The Royal Bank of Canada has committed financing of approximately $136.6 million for Phases 1 and 2 and $91.9 million for Phase 3, while the Canada Infrastructure Bank has committed approximately $128.7 million for Phases 1 and 2 and $77.7 million for Phase 3.
The RtR Program is designed to allow independent licensed electricity retailers to sell renewable electricity directly to businesses and residents. The Mersey River Wind Project entered into a wholesale power purchase agreement with the RtR licensed retailer Renewall, the main offtaker and licensed electricity retailer, which has in turn entered into retail power purchase agreements with the ultimate commercial and industrial customers. Notable public customers include the Regional Municipality of Halifax, the Region of Queens County, the Town of Bridgewater, and the Municipality of the District of Shelburne.
The scope of legal work involved negotiating complex credit documents, including a senior credit agreement, a CIB loan agreement, an intercreditor agreement, and security documentation. It also involved the negotiation of material project documents, including power purchase agreements with Nova Scotia Power, Renewall, and commercial and industrial customers, a turbine supply agreement, a balance of plant construction agreement, and other services and supply agreements. The deal involved CIB financing through the CIB's royalty-style loan product. In addition, investment tax credit (ITC) bridge financing was completed alongside a term loan as part of the three-tranche financing package. While the project is located in Nova Scotia, it involved suppliers from international jurisdictions, including Vestas (Denmark) and Shihlin Electric (a Taiwanese transformer supplier).
Stikeman Elliott LLP represented the Royal Bank of Canada as senior lender, administrative agent, and hedge provider, with a team comprising Aaron Fransen, Parker McKibbon, Kyle Hatton, William Brown, Thomas Hewitt, and Ryan Albaum (Project Finance); Lanette Wilkinson (Real Estate); Patrick Duffy (Regulatory); and Lee Nicholson (Restructuring & Insolvency).
McCarthy Tétrault LLP acted as lead counsel to Mersey River Wind Inc. and sponsor Slate Infrastructure, with a team led by James Kelsall that included Zachary Masoud, Kristin Dosen, Angela Oh, and Stacey Hogan (Project Finance); James Klein (Real Estate); Jeremy Pleasant, Chanelle Bristol, and Spencer Baron (Corporate); Scott Chalmers, Elisa Laxer, and Mubarik Khan (Construction); Patrick McCay, Stephanie Dewey, Bruce Karn, and Daniel Downie (Tax); Bryn Gray and Daphne Rodzinyak (Aboriginal); and Sean O'Neill (Energy).
Stewart McKelvey acted as local counsel to the borrower and sponsor, with Sadira Jan leading the engagement.
McInnes Cooper acted as legal counsel to the Canada Infrastructure Bank, with a team led by Michael Simms that included Ben Pryde (Project Finance & Corporate); James MacDuff and Melanie Gillis (Energy Regulatory); George Monroe, Laurie Jones, and Payton Wood (Real Estate); Deirdre Festeryga and Brianna Desveaux (Corporate); and Alexandra Gosse (Environmental).
Cox & Palmer acted as counsel to the Developer (Roswall Development), with Mohammad Ali Raza serving as lead partner.