Guiding EverWind Terminals Canada on a C$50 million investment and financial arrangement for the acquisition of three tugboats designed to boost green energy infrastructure.
Norton Rose Fulbright Advises on Major Green Investment in Nova Scotia
Nathaniel Misri, Michael Posnikoff, and their team at Norton Rose Fulbright have advised EverWind Terminals Canada on its C$50 million investment and financing of three ultra-modern, lower emission tugboats to be deployed in the Strait of Canso, Nova Scotia.
The new tugboats, one of the largest private sector investments in the Strait of Canso in the last 50 years, are a significant step towards replacing the existing fleet with vessels that have lower greenhouse gas emissions. The state-of-the-art tugboats, built by Damen Group, a Dutch defense, shipbuilding, and engineering company, are designed for lower emission operations and will be used for the transportation of green hydrogen and ammonia.
The purchase and financing of the new tugboats involved structured credit insurance provider Atradius, a Dutch export credit agency and credit insurance provider. The team that assisted with the purchase and financing of the vessels was led by Misri and Posnikoff, and included Shelley Chapelski, Robert Hanson, Tristan Packwood-Greaves from the Vancouver office, and Mei Land Man, and Yifrandy Sánchez Peralta from the Amsterdam office.
The legal advice provided by Norton Rose Fulbright across all aspects of the project, including infrastructure support, financing, and shipbuilding contracts, was instrumental in ensuring the successful completion of the investment. The new tugboats will play a crucial role in supporting EverWind’s Point Tupper project, which aims to reduce the environmental impact of maritime activities in the Strait of Canso by transporting green hydrogen and ammonia.
The purchase of the new tugboats will not only support EverWind’s Point Tupper project but also result in a significant reduction of greenhouse gas emissions, lowering the environmental impact of marine operations in the Strait. This investment is a testament to EverWind’s commitment to sustainable and responsible energy solutions, and a significant milestone in the ongoing efforts to combat climate change.
[1] Norton Rose Fulbright advises EverWind on C$50m investment in green hydrogen and ammonia transport tugboats, Norton Rose Fulbright, 13 April 2023, https://www.nortonrosefulbright.com/en-gb/news/2023/04/norton-rose-fulbright-advises-everwind-on-c50m-investment-in-green-hydrogen-and-ammonia-transport-tugboats
[2] EverWind invests in green hydrogen and ammonia transport tugboats for the Strait of Canso, EverWind Terminals Canada, 13 April 2023, https://everwindterminals.com/news/everwind-invests-in-green-hydrogen-and-ammonia-transport-tugboats-for-the-strait-of-canso/
