SAINT JOHN, NB – 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. Excess energy generated at the mill will be exported to the provincial grid under a power purchase agreement with NB Power, with approximately 50 megawatts being used to sustainably energize mill operations.