NB Power secures $219M loan for Mactaquac project
The funding will go towards keeping the generating station running until 2068.
Key Takeaways:
- The Canada Infrastructure Bank is extending a $219-million site development loan to NB Power for engineering, regulatory reviews, and First Nations engagement at the Mactaquac Generating Station.
- The funding supports the Mactaquac Life Achievement Project, aimed at addressing concrete expansion issues and extending the 672-MW dam’s operational lifespan to 2068.
- Natural Resources Canada is concurrently providing $50 million to NB Power for grid stability enhancements at the Salisbury Terminal substation.
The Whole Story:
The Canada Infrastructure Bank (CIB) is providing a $219-million site development loan to NB Power to advance early-stage planning, engineering, and First Nations engagement for the rehabilitation of the Mactaquac Generating Station.
The loan supports the initial phase of the Mactaquac Life Achievement Project, a multi-billion-dollar overhaul designed to extend the operational life of New Brunswick’s largest hydroelectric facility through 2068. Located west of Fredericton on the Saint John River, the 672-megawatt station supplies 30 percent of the province’s renewable energy and 20 percent of its peak electricity demand.
Funding will cover technical studies, environmental and regulatory reviews, options analysis, and community consultations led by NB Power. The generating station, in operation since 1968, has experienced premature concrete deterioration caused by an alkali-aggregate reaction affecting critical equipment, including spillway gates and turbines.
The announcement formed part of a broader $269-million federal clean energy investment package for New Brunswick. The federal government is also providing a $50-million grant through Natural Resources Canada to upgrade NB Power’s Salisbury Terminal near Moncton. The grant will support the installation of a Static Synchronous Compensator (STATCOM) to strengthen grid stability and facilitate the integration of additional renewable power across southern New Brunswick.
“Rehabilitating our largest hydroelectric generating facility is just one step toward strengthening our electricity supply, helping us to deliver reliable, affordable, clean electricity in our region,” said New Brunswick Premier Susan Holt.
NB Power President and CEO Lori Clark added that refurbishing the existing facility represents the most effective option to ensure long-term renewable power generation for the province.