Feds expand loan guarantee for Newfoundland’s Lower Churchill projects
November 4, 2016 - The feds have announced additional loan guarantee support for the Lower Churchill projects in Newfoundland and Labrador. Specifically, Canada will guarantee up to an additional $2.9 billion in debt for the portion of the Lower Churchill projects led by Newfoundland and Labrador Crown corporation Nalcor Energy.
The conditions will be negotiated with the Government of Newfoundland and Labrador and Nalcor Energy in the near future with provisions for commercial terms, including a guarantee fee of 0.5% above the federal rate. The feds also noted they will work with the province to provide immediate relief for its escrow account obligations as well as an extension to the timeline for debt repayment.
“The Lower Churchill projects will make a major contribution to meeting Atlantic Canada’s future energy needs”, said Jim Carr, Canada’s minister of Natural Resources.
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