SNC-Lavalin to Build Extension of Western James Bay Hydro
Grid
MARCH 31, 2000
TORONTO, ONTARIO--SNC-Lavalin has been awarded a $48-million fixed
price turnkey contract by Five Nations Energy Inc., for the design
and construction management of the Omushkego Ishkotayo power
transmission line along the western coast of James Bay, and to
assist with its operation. The 270-km line will connect the
communities of Fort Albany, Kashechewan and Attawapiskat to the
main grid at Moosonee.
The new transmission line will provide aboriginal communities with
efficient and affordable hydro power, replacing the expensive and
limited supply of electricity from diesel generators, and will
facilitate economic development and reduce air and noise
pollution. New jobs will also be created in First Nation
communities during and after construction. The project has been
made possible through the cooperation of Five Nations Energy,
SNC-Lavalin, Ontario Hydro Services and the Department of Indian
Affairs and Northern Development.
"This represents a significant step in the collaboration between
First Nation communities, the private sector and various
government departments and funding institutions in working
together to develop an energy project of this magnitude," said
Jacques Lamarre, President and Chief Executive Officer of
SNC-Lavalin. "We are proud to be involved in this important
Canadian initiative, delivering solutions to enhance the quality
of life in our aboriginal communities."
SNC-Lavalin Capital acted as financial advisor for Five Nations
Energy in structuring the financing package. The project has an
agreement in principle with the banks for financing, which will be
provided by the Bank of Montreal, Pacific & Western Public Sector
Financing, Northern Ontario Heritage Fund, and SNC-Lavalin.
Ontario Hydro Services provided funding through the purchase of
the substation in Moosonee and a 79-km portion of the transmission
line.
SNC-Lavalin Group is one of the leading engineering and
construction firms in the world, and a key player in the ownership
and management of infrastructure. The group and its companies
have offices across Canada and in 30 other countries, and are
currently working in some 100 countries. The company is listed on
the Toronto Stock Exchange (symbol: SNC). |
