Government of Canada to Provide Loan Guarantee for Lower Churchill Hydro Project

The Government of Canada will provide or purchase a loan guarantee for the Lower Churchill clean energy projects in Newfoundland and Labrador, reports indicate.

The projects involve the Muskrat Falls hydroelectric generating station and three power transmission lines.

Nalcor and Emera’s $6.2-billion Phase 1 of Lower Churchill includes an 824-MW hydro plant at Muskrat Falls and undersea transmission lines linking Labrador, Newfoundland and Nova Scotia.

Nalcor said previously that the Lower Churchill hydro project would include a pair of generating facilities at Muskrat Falls and Gull Island, with a combined capacity of more than 3,000 MW.

According to the government, the power projects will help reduce up to 4.5 megatons of carbon dioxide emissions in the country and generate up to $3.5 billion economic benefits.

In July, an aboriginal group has voted in favor of an agreement to approve the multi-billion dollar Lower Churchill hydropower project.

The agreement approves the Lower Churchill hydro project, settles the land claim and provides compensation for the Churchill Falls dam that was built in the 1960s.

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