Loan guarantee for Muskrat Falls finalized: Newfoundland and Labrador premier | iNFOnews | Thompson-Okanagan's News Source

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Loan guarantee for Muskrat Falls finalized: Newfoundland and Labrador premier

Newfoundland and Labrador Premier Kathy Dunderdale announces a deal to finance the Muskrat Falls hydroelectric project during a news conference in St. John's on Tuesday, Dec. 10, 2013. THE CANADIAN PRESS/Graham Kennedy
December 10, 2013 - 1:20 PM

ST. JOHN'S, N.L. - Premier Kathy Dunderdale of Newfoundland and Labrador is about to announce that a federal loan guarantee for the Muskrat Falls hydroelectric project has been finalized.

Brochures of her announcement say the loan guarantee is done and will result in more than $1 billion in savings through lower interest rates.

Dunderdale has scheduled a news conference Tuesday evening at the provincial legislature in St. John's.

The Muskrat Falls project is under construction in Labrador and is estimated to cost about $7.7 billion.

Proponents of the development cleared a major hurdle last month when Nova Scotia's Utility and Review Board approved the $1.5-billion Maritime Link.

The subsea link would bring Muskrat Falls power to Nova Scotia as part of the joint project to help cut that province's reliance on coal.

News from © The Canadian Press, 2013
The Canadian Press

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