The loss represented the bulk of the province’s $ 65.5 million write-offs for 2019-20.
In 2010, the then NDP government injected $ 56 million into the facility, located in a former railcar plant in Trenton, Nova Scotia.
The project was led by South Korean shipbuilding giant Daewoo and the funding was marked by a big announcement attended by politicians and provincial and federal officials from Seoul.
The Nova Scotia government owned 49% of the business and Daewoo 51%.
But sales never materialized, nor did the 500 jobs promised, and in early 2016, the province applied for its loan and placed the company in receivership.
“This puts an end to loans and investments inherited from DSME Trenton through the Jobs Fund,” said Tracy Barron, spokesperson for the Department of Business, in an email response to CBC News.
“The proceeds from the receivership were applied to the outstanding balance, which leaves a shortfall of $ 48,429,870 of the total owed of $ 56.3 million. “
The business model was based on supplying wind turbines assembled in Trenton to other territories.
These plans were hit hard when Ontario demanded the manufacture of wind turbines in the interior of the province.
DSME even suggested a return to railcar or other steel fabrication.
At the time of its closure, the factory had no customer orders and was operating in maintenance mode with 19 active employees.
It cost about $ 150,000 a month to get the installation ready for sale.
After two years with no takers, Nova Scotia has stopped trying to sell the Pictou County plant and turned the property over to its real estate industry for disposal.