Orders in Council Database

Under the authority of section 18 and 14.1 of the Energy Corporation Act, the Lieutenant-Governor in Council is pleased to authorize Nalcor Energy and its subsidiaries established in connection with the Labrador-Island Link, the Muskrat Falls Generation Facility, and the Labrador Transmission Assets projects, acting in their own right and not as agents of the Crown, to:
a) raise debt financing of up to CAD $1,850 million for the Muskrat Fall/Labrador Transmission Assets project and up to CAD $1,050 million for the Labrador-Island Link project;
b) secure payment and performance of all obligations arising in connection with the financings referenced in paragraph (a), through the issuance of bonds, debentures and other security interests or other encumbrances over property of every nature and kind, both present and future, and the entry into, execution, delivery and performance of trust deed, trust indentures, debentures, pledges, assignments and all other agreements with respect to the financing (including without limitation, project finance agreements, master definition agreements, guarantees, guarantee assurance agreements, blocked account agreements, step-in agreements and related financing documents);
Subject to:
c) except with respect to its equity support agreements for each Project and its limited recourse pledge of its ownership interests in its subsidiaries, the debt financing structure having no ultimate liability accrue to Nalcor Energy; and
d) the receipt of approval from the Minister of Finance as to the terms of such financing.