Emera Inc. approves sanction of the Maritime Link project

Tuesday, Dec 18, 2012

Emera Inc. (EMA: TSX) is pleased to announce sanction of the Maritime Link, an energy transmission project that will link the provinces of Newfoundland and Labrador and Nova Scotia for the very first time. When completed, The Maritime Link will supply affordable, reliable and renewable energy to Nova Scotians.

“Today’s announcement underscores our confidence in the benefits of this truly regional and transformative project”

The Sanction Agreement entered into today will enable Emera and Nalcor to move forward with the project on terms that are consistent with the Federal Loan Guarantee announced on November 30, 2012. The Federal Loan Guarantee provides a direct benefit to Nova Scotia electricity customers by lowering Emera’s borrowing costs for the project. This will save more than one hundred million dollars in financing costs over the 35-year period, all of which will be passed on directly to customers.

“Today’s announcement underscores our confidence in the benefits of this truly regional and transformative project,” said Chris Huskilson, President and CEO, Emera Inc. “Emera firmly believes that this project is the best and lowest cost option for Nova Scotia, and that it will be an important component in meeting the province’s clean energy needs for generations to come.”

Source: Business Wire