AVAIO Capital and Sydney Harbour Investment Partners Announce a Partnership to Develop and Finance the Novaporte Mega-Terminal Project in Sydney Harbour, Nova Scotia
AVAIO Capital (“AVAIO”) has agreed to form a joint venture with Sydney Harbour Investment Partners (“SHIP”), the developer of the Novaporte Mega-Terminal Project in Sydney Harbour, Nova Scotia, Canada (the “Novaporte Project”). Under the joint venture, and subject to terms and conditions contained therein, AVAIO will provide financial and operational support to the Novaporte Project.
The Novaporte Project entails the construction of a deep-water, multi-use port on 500 acres within the Port of Sydney. Projected to deliver up to 3,200,000 TEU of container capacity and vehicle roll-on/roll-off (“RoRo”) capabilities over three phases of construction, Novaporte will be purpose built for highly efficient operations and capable of handling the ultra-large container vessels of the future.
The Project has the major components for a successful development in place, including a 99-year land lease option with the Sydney Port Authority, long-lead time environmental approvals, Canadian Foreign Trade Zone designation, and ready access to nearby rail infrastructure connecting the site to the rest of Canada and the United States.
“We are excited to partner with SHIP on the development of Novaporte,” said Mark McComiskey, a Partner at AVAIO Capital. “Of all the port opportunities in the region, Novaporte is the best positioned due to its ice-free harbour, close proximity to an existing railroad, and strong support from local government and stakeholders.”
Novaporte CEO Albert Barbusci said, “AVAIO Capital’s financial and development investment expertise materially strengthens the Novaporte Project’s position and will enable us to advance the pre-construction activities required to put the port into construction. This is a significant milestone that enhances our ability to make the development viable for all parties involved.”
Source: AVAIO Capital