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.