Canada gives Emera loan guarantee for Nova Scotia Maritime link

Friday, March 07, 2014

Reuters - Canada has finalized a federal loan guarantee of up to C$1.3 billion for Nova Scotia power company Emera Inc's Maritime Link power transmission project to connect the provinces of Newfoundland and Labrador and Nova Scotia.

"We are working to put the financing in place as soon as possible, which we expect to happen in the second quarter of 2014," Chris Huskilson, president and chief executive of Emera, said in a statement Thursday.

Jeff Myrick, a spokesman for Emera, said Friday that Nova Scotia power customers should save about C$250 million over the life of the project due to the federal loan guarantee because it will allow the company to get better financing terms.

The Maritime Link is Emera's part of the first phase of the Lower Churchill Falls project, which includes the 824-megawatt Muskrat Falls hydropower plant in Labrador, the Labrador-Island Transmission Link from Labrador to Newfoundland and the Maritime Link. One megawatt can power about 1,000 homes.

Emera and Newfoundland and Labrador province-owned energy company Nalcor Energy agreed in 2012 that Emera would invest 20 percent of the total cost of developing the first phase of the project and build the Maritime Link in return for 20 percent of the energy from Muskrat Falls for 35 years.

That 20 percent investment will cost about C$1.56 billion, according to Emera.

The first phase of the Churchill Falls project is expected to be completed in 2017 and will cost about C$7.8 billion, including both Nalcor and Emera's investments.

Nalcor, which will control the remaining 80 percent of the project's power, is building the Muskrat Falls plant, a transmission line connecting Muskrat Falls to its existing 5,428-MW Churchill Falls hydropower plant and the Labrador-Island Link.

Nalcor has said it expects to use about 40 percent of the project's power to meet domestic needs, with the other 40 percent available for the province or for sale to utilities in eastern Canada or the U.S. Northeast.

The Maritime Link will have about 500 MW of capacity and will include a 180-kilometer (112 miles) undersea link from Newfoundland to Nova Scotia.

French cable company Nexans SA will build the undersea cable.

Emera's Myrick said the company started clearing the trees in the right-of-way for the Maritime Link three weeks ago.

Emera will also own about 29 percent of the 900-MW Labrador-Island Link in Newfoundland and Labrador. The Labrador-Island Link will run 1,100 km from Labrador to Newfoundland, including 30 km under the Strait of Belle Isle between Labrador and Newfoundland, according to Nalcor's website.

Nalcor hopes to build the second phase of the Lower Churchill Falls project - a 2,250-MW hydropower plant at Gull Island - at some point in the future.

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Global Ocean Trade: Latest Shipbuilding Orders

No tankship orders noted the past week by Clarkson Hellas in their latest S&P Weekly Bulletin, but no lack of orders in the dry bulk carrier market, all from Far East shipbuilders.

Scorpio Tankers: Latest Financial & Ship Delivery News

Scorpio Tankers Inc. says it has updated its stock buyback program; lists its latest new vessel deliveries, and gives the release date of its second quarter 2014 earnings report.

Hyde Marine Makes BWTS Installation Agreements

Hyde Marine, Inc., a wholly owned subsidiary of Calgon Carbon Corporation, says it has established two partnership agreements for installation of the chemical-free

Finance

Scorpio Tankers: Latest Financial & Ship Delivery News

Scorpio Tankers Inc. says it has updated its stock buyback program; lists its latest new vessel deliveries, and gives the release date of its second quarter 2014 earnings report.

Box Ships Inc. Repays Commerzbank Loan

Greece-based Box Ships Inc. says it has repayed in full the outstanding amount under its loan agreement with Commerzbank AG dated July 29, 2011.  The outstanding amount of the loan,

Aker Philadelphia Shipyard ASA : Purchase of own shares

Aker Philadelphia Shipyard ASA (the "Company") (Oslo: AKPS) has on 21 July 2014 purchased 2,155 shares in the Company on Oslo Axess at an average price of NOK 160.

Energy

Ocean Mineral Singapore Set for Seabed Exploration

Ocean Mineral Singapore Pte. Ltd. (OMS) has received approval from the International Seabed Authority (ISA) on its application for its first seabed exploration licence.

Suicide Attack Escalates Libya Violence, Oil Output Slips

Crude output slips for first time since port deal; fresh clashes in Tripoli and Benghazi. Brega oil port seen open in few days. A twin suicide bombing at a Libyan

Maine Port City Bans Oil Loading

City councilors in South Portland, Maine, voted late Monday night to ban the loading of crude oil onto tankers along its waterfront, throwing up yet another roadblock

Government Update

Suicide Attack Escalates Libya Violence, Oil Output Slips

Crude output slips for first time since port deal; fresh clashes in Tripoli and Benghazi. Brega oil port seen open in few days. A twin suicide bombing at a Libyan

Ireland Ratifies the MLC

Ireland’s Minister for Transport, Tourism and Sport, Paschal Donohoe TD and the Minister for Jobs, Enterprise and Innovation, Richard Bruton TD, today announced

OSRO: The Child of Necessity

Most people in the maritime industry in the United States are familiar with the concept of the Oil Spill Removal Organization (OSRO).  It is one of the many quiet

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Port Authority Salvage Ship Electronics Ship Repair Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1531 sec (7 req/sec)