Orders in Council Database

Under the authority of sections 18 and 14.1 of the Energy Corporation Act, the Lieutenant Governor in Council is pleased to authorize the Energy Corporation and its subsidiaries established in connection with the Labrador-Island Link, the Muskrat Falls Generation Facility/Labrador Transmission Assets projects to:
(a)  raise debt financing of up to $2.6 billion for the Muskrat Falls/Labrador Transmission Assets project through the issuance and sale of bonds by the Muskrat Falls/Labrador Transmission Funding Trust and up to $2.4 billion for the Labrador-Island Link project through the issuance and sale of bonds by the Labrador-Island Link Funding Trust; and
(b) secure payment and performance of all obligations arising in connection with the financings  referenced in paragraph (a) above through the issuance of bonds, debentures or other securities; execution and delivery of mortgages, assignments, conveyances, charges, pledges, security interests or other encumbrances of and over property of every nature and kind, both present and future; and the entry into, execution, delivery and performance of trust deeds, trust indentures, debentures, pledges, assignments and all other agreements with respect to the financings (including without limitation, project finance agreements, master definitions agreements, collateral agency agreements, equity support agreements, guarantees, guarantee assurance agreements, blocked account agreements, step in agreements and related financing documentation) with lenders, a trustee or collateral agent acting for the lenders, the holders of bonds and debentures or other person providing or extending credit or directly with any person providing or extending credit in connection with such financing, or providing a guarantee or assurance thereof;
  subject to:
(c)  except with respect to its equity support agreements with respect to each Project and its limited recourse pledge of its ownership interests in its subsidiaries, the debt financing structure having no ultimate liability accrue to the Energy Corporation; and
(d) the receipt of approval from the Minister of Finance as to the terms of such financing.