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.
- Malaysian airplane investigators look at suicide as possible motive |
- Planning could hold key to disappearance of Flight MH370 |
- U.S., EU set sanctions as Putin recognizes Crimea "sovereignty" |
- Magnitude 4.4 earthquake rocks Los Angeles area
- Russian government admits economy in crisis as Ukraine weighs