Maritime Link Benefits Agreement Creates Local Economic and Employment Opportunities
A first for Atlantic Canada, demonstrating the importance of regional cooperation
STEPHENVILLE, Newfoundland and Labrador - The governments of Nova Scotia and Newfoundland and Labrador and NSP Maritime Link Inc., a subsidiary of Emera, today participated in a ground-breaking ceremony at the Bottom Brook construction site in Newfoundland and Labrador to recognize the start of construction of the Maritime Link Project.
Nova Scotia Energy Minister, Andrew Younger, Newfoundland and Labrador’s Minister of Natural Resources, Derrick Dalley, and President and CEO of Emera, Chris Huskilson, attended the ground-breaking ceremony, and also signed an Industrial and Employment Benefits agreement for the Maritime Link Project. This agreement is based on the terms outlined by the interprovincial Memorandum of Understanding (MOU) that was signed by the provinces in late 2011.
“This project creates an important link in our region, bringing clean, renewable energy to Nova Scotia, as well as local economic opportunities,” said Minister Younger. “We’re already seeing a number of Nova Scotia companies actively working on this significant infrastructure project with even more opportunities coming as the project ramps up next year.”
With a total estimated cost of $1.577 billion, the Maritime Link Project is expected to create an average of 300 jobs per year between both provinces during the construction period. Employment is expected to peak at 600 in 2016. Approximately 200 people are currently working on the project between provinces and local companies in Nova Scotia and Newfoundland and Labrador are working on a number of aspects of the project.
“Today represents another important milestone for the Lower Churchill Project,” said Minister Dalley. “This agreement ensures significant benefits for the people and businesses of our province and the region. With this agreement now finalized, benefits during the construction phase of the Maritime Link Project are secured for Newfoundlanders and Labradorians.”
The agreement includes commitments to the following:
- Equal opportunities for Nova Scotia and Newfoundland and Labrador businesses and residents.
- A fair, open and transparent procurement and contracting process for suppliers and contractors in both provinces.
- Funding for training and development positions that align with the specialized nature of the Maritime Link Project.
- Educational sponsorships to be allocated between universities in Nova Scotia and Newfoundland and Labrador to support Maritime Link related technologies.
- Tracking and reporting updates of data related to economic and employment benefits for both provinces.
“Today's agreement ensures that businesses and residents in both provinces are treated equally and fairly when it comes to economic opportunities resulting from the Maritime Link Project,” said Chris Huskilson, President and CEO of Emera. “To date more than $100 million has been awarded to local companies in Nova Scotia and Newfoundland and Labrador and we are just getting started.”
Emera Inc. is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia, with $9.41 billion in assets and 2013 revenues of $2.2 billion. The company invests in electricity generation, transmission and distribution, as well as gas transmission and utility energy services. Emera's strategy is focused on the transformation of the electricity industry to cleaner generation and the delivery of that clean energy to market. Emera has investments throughout Northeastern North America, and in four Caribbean countries. Emera continues to target having 75-80% of its adjusted earnings come from rate-regulated businesses.
Emera common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A, EMA.PR.C, EMA.PR.E, and EMA.PR.F. Additional Information can be accessed at www.emera.com or at www.sedar.com.
About The Maritime Link Project
The Maritime Link is a 500 MW high voltage direct current (HVdc) transmission project bringing energy from the Lower Churchill project at Muskrat Falls to Nova Scotia. The Project will include two 170 km subsea cables across the Cabot Strait, with almost 50 km of overland transmission in Nova Scotia and close to another 300 km of overland transmission on the island of Newfoundland.
Jeff Myrick, 709-727-4754
Senior Manager, Communications