Muskrat Falls hydroelectric project is a go
Premier Kathy Dunderdale announced that the federal loan guarantee is signed, sealed and delivered at a media event with plenty of pomp and hoopla in the lobby of Confederation Building this evening.
In addition to the loan guarantee, Dunderdale announced that the government has now gone to the market and secured the full $5 billion in financing to build Muskrat Falls.
Dunderdale said the province has borrowed the funds over 40 years at a blended rate at 3.8 per cent.
Nova Scotia Energy Minister Andrew Younger and federal minister Rob Moore were both on hand for the announcement, along with most of the provincial cabinet, public servants and other dignitaries.
Little cards placed on every seat in the lobby quoted Dunderdale saying that Muskrat Falls represents "one of the most bold, visionary and significant ventures, not only in our province's history, but in Canadian history."
The ceremony comes almost exactly one year after a nearly identical event where Dunderdale formally sanctioned the project.