November 30, 2012 / 6:59 PM / 5 years ago

Ottawa pledges loan guarantee to Newfoundland power projects

OTTAWA, Nov 30 (Reuters) - Canada’s federal government will provide a loan guarantee of up to C$6.3 billion ($6.3 billion) for the Lower Churchill hydro-electric projects in the Atlantic province of Newfoundland and Labrador, Prime Minister Stephen Harper said on Friday.

The loan guarantee is designed to help finance the Muskrat Falls hydro-electric generation station and three transmission projects, lowering the borrowing costs of the projects and resulting in lower electricity rates for residents.

In November 2010, Newfoundland’s government-owned Nalcor Energy and Nova Scotia-based Emera Inc announced plans to develop the projects at an estimated total cost of C$7.4 billion.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below