The province of Nova Scotia and Daewoo Shipbuilding and Marine Engineering Ltd. (DSME) are signing a shareholders agreement and committing to an equity investment.
.
DSME will establish a wind turbine tower and blade manufacturing facility at the former TrentonWorks site, creating hundreds of jobs. DSME is contributing CAN$ 20.4 million and will hold 51 per cent of the common shares and the province is contributing CAN$ 19.6 million and will hold 49 per cent of the common shares. Through the Industrial Expansion Fund, the province is providing start-up financing, a CAN$ 30-million loan for new equipment, a loan of up to CAN$ 6 million for working capital, and a CAN$ 4-million forgivable loan to acquire land and buildings. The investment, through the Atlantic Canada Opportunities Agency, will be a CAN$ 5-million repayable loan and a CAN$ 5-million contribution for adjacent land improvements.
