Irving Pulp & Paper Secures $660 Million CIB Loan to Modernize Saint John Mill

Irving Pulp & Paper has secured a landmark $660 million loan from the Canada Infrastructure Bank (CIB) to launch Project NextGen, a major modernization of its Saint John, New Brunswick pulp mill. This initiative will replace outdated 1970s-era equipment with advanced technologies, including a new recovery boiler, turbine, and generator, enabling the mill to produce up to 145 megawatts of renewable energy. The upgrade will make the site energy self-sufficient, eliminate heavy fuel oil, and cut emissions per tonne of Kraft pulp by 50%, supporting New Brunswick’s energy transition. About 50 megawatts will be used for operations, with excess power sold to NB Power. The project is set to boost pulp production by over 70%, positioning the mill among the world’s top ten softwood Kraft producers. The CIB’s support enables private investment, drives economic growth, and strengthens the forestry supply chain as Irving expands capabilities for premium tissue-grade pulps