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Premier Announces Completion of Federal Loan Guarantee and Financing

From the government of Newfoundland and Labrador

The Honourable Kathy Dunderdale, Premier of Newfoundland and Labrador, today announced the completion of the federal loan guarantee and financing for the Muskrat Falls Hydroelectric Project. The Premier was joined this evening at the Confederation Building in St. John’s by the Honourable Rob Moore, Minister of State (Atlantic Canada Opportunities Agency); the Honourable Andrew Younger, Minister of Energy, Government of Nova Scotia; the Honourable Derrick Dalley, Minister of Natural Resources, Government of Newfoundland and Labrador; Ed Martin, President and Chief Executive Officer of Nalcor Energy; Brian Rendell, Vice President, Corporate Affairs, Emera Newfoundland and Labrador; and representatives from Labrador’s Innu Nation.

“A year ago, we announced sanction of the Muskrat Falls Project and celebrated a shared vision with our partners for a secure energy future through the development of this nation-building project. Today’s announcement is the culmination of hard work and a strong commitment to drive this project forward. We thank the Prime Minister for fulfilling his commitment on a loan guarantee and for recognizing the value of Muskrat Falls to our province, the Atlantic region and the country. This is truly an exciting day for Newfoundlanders and Labradorians as we write another chapter in the province’s energy story.”
– The Honourable Kathy Dunderdale, Premier of Newfoundland and Labrador

The loan guarantee will result in projected savings of $1 billion in interest costs for ratepayers and contribute to stable electricity rates for consumers in the province.

“Today’s announcement is a testament to our Premier’s leadership and reaffirms our government’s confidence in the Muskrat Falls Project. We have done our due diligence right from the start on this project to ensure it is in the best interest of Newfoundlanders and Labradorians and we have achieved a project that will be a source of renewable electricity generation in Newfoundland and Labrador. This project will accrue significant benefits directly to the people of our province for generations to come.”
– The Honourable Derrick Dalley, Minister of Natural Resources

The Federal Loan Guarantee applies to the Muskrat Falls Hydroelectric Generation Station, the Labrador-Transmission Assets, and the Labrador-Island Transmission Link.

“Arrangements to secure the federal loan guarantee, long-term debt financing, and equity financing have all been successfully completed. Achieving this milestone provides certainty with respect to how the Lower Churchill Project will be financed and the costs of this financing over the next 40 years.”
– Ed Martin, President and Chief Executive Officer, Nalcor Energy

Through sound fiscal management and responsible decisions, the Government of Newfoundland and Labrador is strengthening the business environment, encouraging the development of innovative industries and building a vibrant economy.

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