Agreement reached to complete Muskrat Falls work

27 December 2016

Construction work on the powerhouse and intake civil works for the Muskrat Falls hydroelectric project in the Province of Newfoundland and Labrador, Canada is set to go ahead falling news that Astaldi and Muskrat Falls Corporation, a subsidiary of Nalcor Energy, have negotiated the terms for an agreement to complete work.

The agreement – which addresses all disputes and outstanding commercial issues – increases the contract value to C$1830 million, and sets a new date for the completion of the works that is in alignment with Muskrat Falls Corporation’s current completion schedule for the Muskrat Falls Hydroelectric Project. The terms of the completion agreement subject to customary approvals and conditions, a statement announced.

“The constructive dialogue built and developed with the Client over the past years has allowed us to reach a full understanding over our contract’s objectives and timing,” said Filippo Stinellis, Chief Executive Officer of the Astaldi Group. “The challenging work and its environment have made the negotiation process complex and we are satisfied for having reached this agreement.”

“This agreement will provide certainty for the completion of the construction of the powerhouse and intake civil works by Astaldi and will ensure the continued progress by Astaldi in fulfilling their full contract,” added Stan Marshall, Chief Executive Officer of Nalcor Energy.

Phase One of the Lower Churchill Project is referred to as the Muskrat Falls Project. This includes an 824MW hydroelectric generating facility at Muskrat Falls, Labrador in the Province of Newfoundland and Labrador, Canada.

Astaldi is responsible for the construction of the powerhouse, intake and spillway civil works for the Muskrat Falls generation facility.

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