EverWind Fuels said on Monday it would invest $1 billion in renewable energy generation to power its green hydrogen and ammonia production project in Nova Scotia.

The company said it had purchased three wind farm development projects in the Canadian province with total capacity of about 530 megawatts (MW) to power Phase 1 of its venture.

Earlier this year, provincial authorities in Canada granted environmental approval to EverWind for converting a former oil storage facility and marine terminal at Point Tupper in Nova Scotia into a green hydrogen and ammonia production facility.

The Phase 1 of the project, starting in 2025, is expected to produce 200,000 tonnes of green ammonia annually, which would increase to 1 million tonnes by 2026 in Phase 2.

"This investment helps Nova Scotia move more quickly and cost-effectively towards its clean energy transition" CEO Trent Vichie said.

Nova Scotia has committed to getting off coal and generating 80% of its electricity from renewables by 2030.

"The power generated at these three new developments will also ensure EverWind's green hydrogen and ammonia will meet the strictest international standards," Vichie added.