Membertou Signs on as Major Partner for Sydney Port Development SYDNEY, N.S – Sydney Harbour Investment Partners (“SHIP”) announces the expansion of its partnership consortium to include Membertou and Bridging Finance Inc.
SHIP is working to develop Novaporte, a deep-water, multi-use port on 500 acres within the Port of Sydney. Novaporte is expected to have container capacity of 1 million TEU’s in phase one and 3 million TEU’s by phase three. The port will also accommodate vehicle roll-on/roll-off with the infrastructure to support electric vehicles, as well as bulk, break bulk, heavy equipment and special project cargo. Novaporte has the major components for a successful development in place, including a 99-year land lease option with the Cape Breton Regional Municipality (CBRM), longlead time environmental approvals, Canadian Foreign Trade Zone designation, and ready access to nearby rail infrastructure connecting the site to the rest of Canada and the United States.<>Membertou, a progressive Mi’kmaq community located only three kilometers from downtown Sydney, has an existing partnership through SHIP’s Novazone project. Novazone is a planned logistics park of more than 1250 acres which is directly adjacent to the Novaporte site. In addition to Membertou, the other 12 Nova Scotia Mi’kmaq communities are also currently major shareholders of Novazone.
Furthering the relationship with Mi’kmaq partners, the next stage will see Membertou become major equity players in SHIP and Novaporte – while remaining invested in Novazone.
Chief Terry Paul, CEO of Membertou Development Corporation, says, “Through increased efforts with SHIP, we see great potential for the future of Sydney Harbour. In Membertou, we recognize the robust capacity of the port and believe its economic opportunities are vast.” In working together with Membertou, SHIP will establish Novaporte and Novazone as the only large-scale, deep-water port projects in Canada with major Indigenous ownership and leadership.
Bridging Finance is an Indigenous-led private Canadian company providing middle-market Canadian companies with alternative financing options. David Sharpe, CEO of Bridging Finance and a member of the Mohawks of the Bay Quinte, commented, “We see tremendous potential in this project and we think it has wide-reaching benefits to Membertou and all 13 Mi’kmaq communities, as well as for the entire province of Nova Scotia. We look forward to our partnership with SHIP.”
January 8, 2020