MOU for USD 1.2bn hydro-fibre project in Canada
The Canada Infrastructure Bank (CIB) announced the signing of a Memorandum of Understanding (MOU) for the proposed Kivalliq Hydro-Fibre Link to Nunavut from Manitoba. The proposed project would provide renewable, sustainable and reliable hydroelectricity and broadband connectivity to communities and industry for the first time.
The proposed Kivalliq Hydro-Fibre Link involves the construction of a new 1,200-kilometre, 150-megawatt transmission line between Nunavut and Manitoba. The project would deliver renewable, sustainable and reliable hydroelectricity energy to the region. It also aims to reduce the area’s dependence on diesel power generation using shipped-in fuel. The hydroelectric transmission line would provide five Kivalliq communities and several mine sites with environmentally sustainable energy and has the potential to create economic benefits for Nunavut.
Fibreoptic cabling is also included in the project. This would bring broadband connectivity to the region for the first time, enhancing telecommunications services for residents, businesses and public services.
The estimated investment for the project is CAD 1.6 billion (US$ 1.2 billion).
The MOU confirms the CIB will work with the Kivalliq Inuit Association (KIA), Sakku Investments Corporation (Sakku), Anbaric Development Partners (Anbaric) and Ontario Teachers’ Pension Plan (OTPP) on planning and development of the proposed project. CIB will provide financial advisory services and help build the business case for financing the project.
The CIB’s advisory role is consistent with its commitment to collaborate with the private and public sectors with a long-term vision in mind – being a catalyst for new, transformational infrastructure benefitting Canada.
The project is now in the feasibility and engineering study phase.
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