Ottawa pledges loan guarantee to Newfoundland power projects
OTTAWA Nov 30 (Reuters) - Canada's federal government will provide a loan guarantee of up to C$6.3 billion ($6.3 billion) for the Lower Churchill hydro-electric projects in the Atlantic province of Newfoundland and Labrador, Prime Minister Stephen Harper said on Friday.
The loan guarantee is designed to help finance the Muskrat Falls hydro-electric generation station and three transmission projects, lowering the borrowing costs of the projects and resulting in lower electricity rates for residents.
In November 2010, Newfoundland's government-owned Nalcor Energy and Nova Scotia-based Emera Inc announced plans to develop the projects at an estimated total cost of C$7.4 billion.
- Tweet this
- Share this
- Digg this
- UPDATE 3-Boeing reports wing cracks on 787 Dreamliners in production
- Ukraine standoff intensifies, Russia says sanctions will 'boomerang' |
- Malaysia Airlines says lost contact with plane carrying 239 people
- UPDATE 2-White House plays down speedy role for U.S. natural gas in Ukraine
- As Ukraine crisis deepens, Russia's neighbours boost defences