John Risley

has long been synonymous with big ventures in

Atlantic Canada

, from founding

Clearwater Seafoods Inc.

to building global businesses such as Ocean Nutrition Canada Ltd. and Caribbean telco Columbus International Inc.

Now, the billionaire entrepreneur and his company,

Clean Grid Atlantic Ltd.

, are turning their attention to one of the most ambitious energy projects the region has ever seen: the

Eastern Energy Partnership

, a large-scale transmission and wind power initiative intended to make Atlantic Canada a

national green energy hub

.

As part of this effort, Risley is reviving Project Nujio’qonik, originally conceived as a

green hydrogen initiative

, but now its massive wind farms would

feed electricity directly into the transmission line

, contributing to a regional grid that could supply Quebec, Ontario and even the Northeastern United States.

The project is about tapping the region’s enormous wind potential, but also about convincing private backers, provincial governments, First Nations communities and the federal government to work together to bring a $75-billion vision to life.

The stakes are high and the challenges are real: political alignment, regulatory hurdles, capital aggregation and First Nations support must all fall into place for his plan to succeed.

Here, Risley lays out the scale of the Eastern Energy Partnership, why it’s timely now and how he hopes 2026 will mark a turning point for Atlantic Canada.

Financial Post: How is life after Clearwater?

John Risley

: I’ve never lacked things to do. Over the past 30 years, we’ve had businesses beyond Clearwater — Ocean Nutrition, Columbus Communications and others. Clearwater was our first business and holds a special place in my story, but it’s one part of a broader business life.

FP: Atlantic Canada is often discussed for its renewable energy potential. What makes the region unique?

JR

: We have two exceptional resources. Nova Scotia has arguably the best untapped offshore wind resource in the world. It’s not just about wind strength, but reliability — how often the wind blows. That’s key for electricity. Then there’s Newfoundland, which has world-leading onshore wind potential. The coastline is enormous, winds are strong and construction costs are lower than offshore. No other region combines scale, quality and affordability like this.

FP: A few years ago, hydrogen was generating a lot of hype. What happened?

JR

: After Europe’s energy prices spiked following the Ukraine invasion, green hydrogen seemed like the next big thing. But costs are still high compared to hydrogen from natural gas. As a result, many wind projects once considered for hydrogen — including our own Project Nujio’qonik — have been put on the back burner. Simply put, there isn’t yet a viable market for that electricity.

FP: So how do you get all this wind power to market?

JR

: That’s where the Eastern Energy Partnership comes in. We’re expanding the original concept. This will be a regional grid linking Newfoundland, Nova Scotia and New Brunswick. Wind from different regions balances itself; if it’s not blowing in one place, it likely is elsewhere. Pairing with Quebec hydropower gives us firm, reliable power. When the wind is strong, hydro reservoirs can hold back water; when it’s calm, hydro releases it. That’s what makes intermittent wind reliable.

FP: This sounds massive. What scale are we talking about?

JR

: Phase One is 10 gigawatts: five from Newfoundland onshore, five offshore Nova Scotia. That’s roughly the current total electricity production in Atlantic Canada. Including transmission, we’re talking about $75 billion–$80 billion, tens of thousands of construction jobs over seven to eight years, and ongoing operations jobs for decades. Economically, it’s unprecedented, bigger than Hibernia or any offshore oil project in the region.

FP: Who’s backing this plan?

JR

: We partnered 50/50 with Pattern Energy (Group LP), a Canada Pension Plan Investment Board subsidiary. They bring capital and experience. We’re also engaging early with First Nations communities to ensure meaningful participation.

FP: There’s been skepticism around major renewable projects. Is that fair?

JR

: Skepticism is natural for an investment of this scale and healthy. But look at the fundamentals: the market exists, the resource is there and the economics make sense once you consider transmission and co-ordination.

FP: How does this fit into the broader Canadian energy picture?

JR

: It’s a regional project with national impact. While Alberta develops fossil fuels, Atlantic Canada can lead in green energy. Quebec benefits from firm power and New England desperately needs electricity. This positions Canada as a key energy partner in the region.

FP: When do you expect first power online?

JR

: If all goes well, 2030–31. Right now, we’re in planning and development, spending millions to get the foundations right. Federal support and regulatory approvals are critical.

FP: Why is this personally important to you?

JR

: I’ve spent my career here. I’ve never seen a project with this scale of economic and social impact for Atlantic Canada. It’s about jobs, regional development and climate action. This isn’t just a market play; it’s a long-term solution for the region.

FP: What’s your biggest goal in 2026?

JR

: To see Atlantic Canada act as one. The premiers have told the prime minister that transmission and the grid must be national priorities, First Nations must be full partners, 2026 has to be the year we move from vision to commitment: finalizing the business case and securing 25-year offtake agreements. That’s how projects of this scale become reality.

FP: The original Atlantic Loop, a federally backed plan to interconnect Atlantic Canada’s grids and move clean power across the region, stalled due to cost and jurisdictional challenges. How is this project different?

JR

: Timing is everything. This is essentially the Atlantic Loop reimagined. Back then, Newfoundland wasn’t engaged, Nova Scotia hadn’t realized the scale of offshore wind and the project was framed as helping Nova Scotia Power move off coal — politically unattractive. Now, Newfoundland is fully engaged, especially since hydrogen projects aren’t materializing. (Nova Scotia) Premier Tim Houston has made offshore wind a central economic priority. The provinces are aligned, the timing works, and the political and market environment appears right.

FP: In plain terms, what will this transmission system look like?

JR

: Picture a new energy highway. An underwater line runs to southern Quebec, near the New Brunswick border. Another overland line starts in eastern Nova Scotia, running through the province and New Brunswick to the same receiving point. Quebec moves electricity across its system into regional markets. Newfoundland will have new transmission lines to carry power from its wind farms. And, like any highway, it only works if the cars — the wind farms — are on it.

FP: You’ve said this will unfold in phases. How does that work?

JR

: Multiple phases, really. First phase: 10 gigawatts, five from Newfoundland, five from offshore Nova Scotia. That alone triples Atlantic Canada’s current electricity output. The cost is unprecedented in Canada. The potential goes far beyond this; construction could continue for decades. Whatever Quebec and Ontario don’t take, New England will.

FP: Can you give a sense of investment so far and what’s ahead?

JR

: It’s hard to separate transmission and our Newfoundland project because we share teams and resources. Roughly $150 million has gone into Newfoundland and millions into transmission. Ahead, we’re likely spending another $200 million split between Clean Grid Atlantic Ltd. and Pattern to reach construction start.

FP: When will a final investment decision be made?

JR

: It’s a process, not an event. We need the federal government on board, private developers aligned and First Nations communities engaged. Think of it like a deck of cards: you need all 52 to play. Within a year, we’ll know if the project can move forward.

FP: At what point would you pull the plug?

JR

: Key factors are construction costs and First Nations support. Costs are well understood. First Nations engagement is critical; this is a green project with skilled jobs and real equity opportunities. Without their backing, the project can’t succeed.

FP: What would a meaningful federal partnership look like?

JR

: Not a subsidy. The government must be part of the capital stack and visibly supporting it. This mega-project needs credibility; investors won’t commit without federal participation. Once the government “puts up its hand,” momentum will build quickly.

FP: What’s the single milestone in 2026 that matters most?

JR

: Federal endorsement. We’ve submitted a draft business plan to the Major Projects Office. In the next six to seven months, we’ll refine it, secure private-sector commitments and confirm government support. That’s the trigger for momentum.

FP: Anything in your experience compare to this?


JR

: No. I’m part of a team, mostly trying to light a fire under the right people. But I’ve never seen an opportunity this transformative for Atlantic Canada. Unlike anything else, this project could reshape the region for generations.

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