POLITICS

Newfoundland to release text of loan guarantee for Muskrat Falls project

12/04/2012 06:55 EST | Updated 02/03/2013 05:12 EST
ST. JOHN'S, N.L. - The government of Newfoundland and Labrador says it will release the text of the federal loan guarantee for the Muskrat Falls hydroelectric project today.

The province's opposition parties were quick to criticize the document announced on Friday, saying it was nothing more than a term sheet.

But Natural Resources Minister Jerome Kennedy says the agreement is the final deal.

Kennedy says it is legally binding, irrevocable, and can be used to borrow.

The loan guarantee won't take effect until Nova Scotia sanctions the Maritime Link.

It has until July of 2014 to do so.

(VOCM)