Muskrat Falls, on the Churchill River in Labrador, is shown in a Feb., 2011 file photo. Federal and provincial sources say Newfoundland and Labrador Premier Kathy Dunderdale will announce financing details Tuesday for the Muskrat Falls hydro project.THE CANADIAN PRESS/Paul Daly
December 09, 2013 - 12:28 PM
ST. JOHN'S, N.L. - Federal and provincial sources say Newfoundland and Labrador Premier Kathy Dunderdale will announce financing details Tuesday on the Muskrat Falls hydro project.
Her office says the premier will make a "significant" announcement at an evening news conference in time for supper-hour newscasts.
Provincial Finance Minister Tom Marshall has said in recent weeks that a final deal on a promised federal loan guarantee was close.
Backing from Ottawa is expected to save about $1 billion in borrowing costs from the $7.7-billion project under construction in Labrador.
A major hurdle was cleared last month when Nova Scotia's Utility and Review Board approved the $1.5-million Maritime Link.
The subsea link would bring Muskrat Falls power to Nova Scotia as part of the joint project to help wean that province off coal-fired energy.
Prime Minister Stephen Harper announced Ottawa's backing for Muskrat Falls a year ago as long as both Nova Scotia and Newfoundland and Labrador are committed to it.
News from © The Canadian Press, 2013