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 west Saint John, New Brunswick.
Enabled by the CIB’s partnership, the modernization project consists of replacing 1970s era technology with current best-available solutions to improve productivity and maintain mill competitiveness within the sector. This includes a new recovery boiler, steam turbine and generator to produce up to 145 megawatts of renewable energy.