Dunderdale to announce financing for $7.7B Muskrat Falls project: sources

The Canadian Press
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Federal and provincial sources say Newfoundland and Labrador Premier Kathy Dunderdale will announce financing details Tuesday on the Muskrat Falls hydro project.

Muskrat Falls on the Churchill River in Labrador.

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-billion 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.

Organizations: Utility and Review Board

Geographic location: Nova Scotia, Ottawa, Labrador.A Newfoundland and Labrador

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Recent comments

  • Albert
    December 10, 2013 - 07:41

    Where Are They going To Get The Next 5 BILLION To Finish The Job

  • Corporate Psycho
    December 09, 2013 - 19:02

    The thought of Dunderdale dancing on stage with Harper sends a chill down my spine. The things we have sacrificed for this loan guarantee , SAR, Burton Winters Inquiry, CEDA, just to name a few.

  • Tony Rockel
    December 09, 2013 - 17:27

    P S: Where is is Dunderdale going to get the other $4.3 Billion? Yes, it's going to cost a total of at least $12 Billion, thanks to the cost-containment "experts" at Nalcor.

  • Tony Rockel
    December 09, 2013 - 17:21

    Our lemming PC government continues its headlong rush over the precipice into Muskrat Falls (or, more appropriately, to push us over the falls). Dunderdale can waffle all she likes about "financing " the project, as though she is conjuring money out of thin air, but it's us, the ratepayers who will be financing the whole thing, as usual. Is she planning to bring a choir to the House on this occasion?

  • joebennett
    December 09, 2013 - 17:05

    Final nail in the coffin. Make no wonder my children will retire in Nova Scotia when retiring from Labrador.

  • Charles
    December 09, 2013 - 17:05

    Mr Ball its time to talk up concerning this project, Now time for action, If you can't do it, then it time walk away. Mr Ball do you think this project should be stop. Or CONTINUE ? only require yes or no. as simple as that..anymore then that, only mean your blowing wind.

  • Ed Power
    December 09, 2013 - 16:19

    How odd. Normally one has the financing in place before one starts building a house, apartment building, multi-billion dollar hydroelectric project. The headline "Government Prepares to Open Your Wallets and Remove Your Cash" would have been more apropos..