CBRM Extends Exclusive Development Agreement with SHIP
Cape Breton Regional Municipality council continued its support of the Novaporte project by voting to approve a three year extension of the Option and Development Agreement with SHIP. This vote of confidence is a recognition of the time, effort, and money that has been invested by SHIP and its indigenous partners in the development of the project over the last eight years to get it where it is today.
The decision to extend the option for SHIP to acquire a ninety-nine-year lease on the land for the container terminal and purchase the land for the logistics park comes at a crucial time for the project. Over the course of eight years of work, SHIP, Membertou Development Corporation and Nova Scotia’s thirteen Mi’kmaq communities have made significant investments in the development of the integrated port, rail, and logistics project. Despite the many challenges faced, including the disruptions caused by COVID-19, pre-development work is now complete. The three-year extension provides a reasonable timeframe for SHIP to finalize the commercial terms with its shipping, rail, financing, government, and EPC partners, in order to begin construction of the facilities in 2022. It was crucial for CBRM to show their continued support for the project. With this vote, we are now ready to move to the next stage of development, and we are confident of its success.
Novaporte will be largest private investment project in Cape Breton and will drive economic growth and prosperity for Cape Breton’s next generation. Over time the scope of the project has expanded in exciting ways. We are on track to deliver not just a container terminal but a bulk and ro-ro terminal as well as one of the largest logistics parks on the eastern seaboard. Novaporte will emerge as a green energy hub for both maritime and land transportation. Our port and logistics park will be the greenest in the Americas. It will ensure Cape Breton and Nova Scotia are a major hub for global trade and green technology, while cementing an economic and environmental bond with Newfoundland and the rest of Canada. This is a nation building project.
June 16, 2021