Government Issues Non-Binding Letter of Intent Regarding Buchans Generation Station Assets

The Provincial Government has provided a non-binding Letter of Intent to indicate a willingness to discuss the divestment of the Buchans generation station assets for future development. The letter was issued to a consortium consisting of the Qalipu First Nation, Qalipu Holdings LP, Growler Energy Inc., and Angler Solutions Inc.

With letters of intent in place from both Newfoundland and Labrador Hydro, the Town of Buchans and the Provincial Government, the consortium will now undertake initial planning activities, including a detailed feasibility analysis.

Any future decision by the Provincial Government to divest of the Buchans generation station assets would be subject to the outcome of the consortium’s analysis, the consortium reaching commercial terms with Newfoundland and Labrador Hydro on a power purchase agreement for the Buchans generation station energy and capacity and reaching mutually agreeable terms between all parties.