The Government of the Northwest Territories and federal government are investing $40 million toward the Inuvik Wind Generation project, according to a news release issued Tuesday morning.

The territorial government is putting in $10 million, while the federal government is investing $30 million through the Arctic Energy Fund.

The money will be used to install wind turbines, a grid controller and a large battery storage system that will provide energy when the winds slows. The money will also go toward building 5 kilometres of road from the Dempster Highway to get to the wind turbines, and to connect the system to the local electric grid.

"It's an amazing opportunity to be an innovator," said Inuvik mayor Natasha Kulikowski.

Kulikowski hopes the wind farm will reduce the price of power in the region. She said power and heating fuel are the two biggest costs of living in the North.

"Any time we have new opportunities to see new ways to reduce those costs it's important [to] take advantage of them," she said.

"Being open for business to innovation to come into your community is important ... I'm happy that Inuvik is having that opportunity now."

The project's goal, according to a press release, is to lower greenhouse gas emissions and help protect the environment.

"Investments in green infrastructure projects are not only important for our environment, but they also improve the quality of life for those working and living in the North," federal Minister of Infrastructure and Communities François-Philippe Champagne said in the release.

The federal and territorial governments are expected to make an announcement at 2:30 p.m. in Inuvik today.