Government enters MOU with North Atlantic for lease of Bull Arm Site

The Provincial Government has entered a non-binding memorandum of understanding with North Atlantic for the lease of the Bull Arm site.

North Atlantic intends to develop a Green Energy Centre of Excellence on-site, in collaboration with various private and public partners, to support the energy transition, including training opportunities for the province’s workforce.

North Atlantic agrees to negotiate in good faith with all parties seeking to utilize the Bull Arm site for activities that are compatible with the overall use of the site and will provide access to those parties on commercially reasonable terms.

North Atlantic will also incur all site operating costs, as well as corrective maintenance costs associated with the infrastructure used to deliver the operational services. The Provincial Government will share in the profits generated by North Atlantic from the use of the site.