CIB loans $660M to Irving Pulp & Paper for mill modernization
The Canada Infrastructure Bank (CIB) has reached financial close on a $660 million loan to Irving Pulp & Paper to support the large-scale modernization of the company’s pulp mill in Saint John, New Brunswick.
Enabled by the CIB’s partnership, the modernization project involves replacing older technology with current solutions to improve productivity and maintain mill competitiveness within the sector. This reportedly includes a new recovery boiler, steam turbine and generator to produce up to 145 megawatts of renewable energy.
Excess energy generated at the mill will be exported to the provincial grid under a power purchase agreement with NB Power, with approximately 50 megawatts being used to sustainably energize mill operations.
The CIB also stated that based on a third-party economic impact assessment provided by Irving Pulp & Paper, during the construction period, the project is expected to generate employment income and create jobs. In a press release, the CIB stated that the project “will create more than 600 new jobs across the forest supply chain with employment income expected to rise by 38% in the forest products sector.”
The modernization is expected to make the mill energy self-sufficient and eliminate the combustion of heavy fuel oil as an energy source, thereby reducing emissions.
“Project NextGen is an important step forward for our people, our customers and our community. The CIB’s loan helps us invest in innovation and sustainability, while staying true to what matters most—creating good jobs, delivering value to our customers and strengthening the places we call home,” said Jim Irving, Co-CEO, Irving Pulp & Paper.
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