Newfoundland’s Port of Argentia and Nova Scotia-based Torrent Capital have established a joint venture company, Argentia Capital Inc. (ACI), which will focus on the construction of port infrastructure, the provision of services and equity ownership in businesses that support the aquaculture, renewable energy, and oil and gas sectors, as well as other port developments.
The Port of Argentia, located near the southernmost point of Newfoundland, is in the middle of a transformation to become a hub for innovation across multiple sustainable industries. Over the next five years, the port is expected to host new investment from renewable energy companies proposing to establish facilities to produce wind energy, hydrogen and ammonia, as well as staging for offshore wind farm construction projects. Other promising areas for growth include subsea pipe fabrication, container service expansion, aquaculture support services and facilities for critical mineral processing.
The port is the host site for North America’s first and only monopile marshalling yard for US offshore wind projects, the location for Pattern Energy’s Placentia Bay Hydrogen Hub and the construction site for the West White Rose Wellhead Platform. These multi-year projects have the potential to drive long-term value for ACI from multiple revenue streams.
“Port of Argentia is in the enviable position of being able to offer tenants both ocean access and available land mass for the establishment of large-scale development projects,” said Dwight Ball, former Premier of Newfoundland and Labrador and a member of the ACI board of directors. “With the Port of Argentia as a designated hub for sustainability, billions could be invested in new industries, employing thousands of workers over the next several years. Economic impacts from investments at the port will be significant, not only for the Placentia area but for the entire province.”
