November 3, 2016
Responsible Management of the Muskrat Falls Project
Provincial Government Secures Enhanced Federal Loan Guarantee
Today, the Honourable Dwight Ball, Premier of Newfoundland and Labrador, announced that the province has secured a commitment from the Government of Canada to provide additional loan guarantee support for the Lower Churchill projects, up to an additional $2.9 billion.
“Since our government took office, we have been in discussions with the Government of Canada regarding additional loan guarantee support for the Muskrat Falls Project. Today, I am announcing that this work has resulted in us securing additional support as we get the Muskrat Falls Project on track. Our government continues to work with our federal and provincial colleagues to ensure the project is proceeding in the best interests of the Newfoundlanders and Labradorians.”
- The Honourable Dwight Ball, Premier of Newfoundland and Labrador
The specific conditions will be negotiated with the Government of Canada in the near future. The link to the Government of Canada release is here //news.gc.ca/web/article-en.do;jsessionid=6fb2f1cb7d4d5e200c3ba55f6093297a3de47590f3d0429f4fbe85d32e71a1b5.e38RbhaLb3qNe3eMbh50?mthd=index&crtr.page=1&nid=1147219 .
“We have been working diligently with our federal colleagues to secure the commitment of additional loan guarantee support for the Lower Churchill projects and relief for the escrow account obligations. This is important financial support for the province. Step by step, we are making improvements to the management of the Muskrat Falls Project.”
- The Honourable Siobhan Coady, Minister of Natural Resources
- The Provincial Government has secured additional loan guarantee support for the Lower Churchill projects up to an additional $2.9 billion in debt for the portion of the projects from the Government of Canada.
- The specific conditions of this support will be negotiated with the Government of Canada in the near future.
- The Provincial Government will continue to hold Nalcor accountable to ensure the Muskrat Falls Project is managed responsibly and to ensure information about the project is communicated effectively to the people of the province.
- 30 -
Media Relations Manager
Office of the Premier
Director of Communications
Department of Natural Resources
2016 11 03 5:05 p.m.