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Loan guarantee for Muskrat Falls finalized: Newfoundland and Labrador premier

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.

The Canadian Press


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