Under the deal, Nalcor will build hydropower generating facilities at Muskrat Falls, and Emera and Nalcor will jointly develop transmission cables in Newfoundland and Labrador to enable the movement of Lower Churchill energy.
Nova Scotia Power, a subsidiary of Emera, will develop agreements with Nalcor to build subsea transmission between Newfoundland and Nova Scotia in return for 20% of the energy from Muskrat Falls for 35 years.
This subsea transmission (the Maritime Link) will be 100% owned by Nova Scotia Power.
Nalcor will invest CAD2.9bn for the Muskat Falls generation facility, and the transmission link from Labrador to the island of Newfoundland will cost CAD2.1bn and Emera is investing approximately CAD600m.
The Maritime Link connecting the island of Newfoundland to Nova Scotia is expected to cost CAD1.2bn which will be funded 100% by Emera.
