SNC-Lavalin Capital Confirms Financing for Western James
Bay Hydro Grid Extension
MONTREAL, QUEBEC--SNC-NOVEMBER 20, 2000 - 12:14 EST
Lavalin Capital Inc. has announced the
successful signing of a $34.3 million long-term debt financing in
support of the construction of the Omushkego Iskotayo transmission
line along the western coast of James Bay.
SNC-Lavalin Capital acted as financial advisor to the borrower
Five Nations Energy Inc. and structured the financing with Bank of
Montreal, Pacific & Western Public Sector Financing Corporation,
Northern Ontario Heritage Fund Corporation, and SNC-Lavalin Inc.
The debt will be partially secured by a contribution through the
Department of Indian Affairs and Northern Development over the
next 10 years. In addition, Ontario Hydro Services Company will
purchase the substation in Moosonee and a 79 kilometer portion of
the transmission line.
The First Nation communities of Attawapiskat, Fort Albany and
Kashechewan will be provided with stable, efficient and reliable
power. SNC-Lavalin Services Ltd. started work last winter under a
$48.1 million turnkey fixed price contract with Five Nations
Energy Inc. to design, manage construction and assist with the
operation of the line.
The Omushkego Ishkotayo transmission line is expected to reach
Fort Albany and Kashechewan in the summer of 2001 and Attawapiskat
in the summer of 2002.
SNC-Lavalin Capital is the subsidiary of the SNC-Lavalin Group
responsible for financial modeling and arranging financing in
support of international and domestic projects. SNC-Lavalin
Capital's financial experts based in Montreal, Vancouver, Paris
and Amsterdam have contributed to arranging over US$5 billion in
financing for local and overseas projects, demonstrating their
ability to develop successful project financing solutions,
regardless of size or complexity.
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). |
