Ottawa approves $219 million loan to extend New Brunswick's Mactaquac dam life
The federal government is providing a $219 million loan through the Canada Infrastructure Bank to help prolong the operation of New Brunswick’s Mactaquac hydroelectric dam.
Ottawa is committing a $219 million loan from the Canada Infrastructure Bank to support the Mactaquac Generation Station, New Brunswick’s largest hydroelectric facility. The loan will finance technical assessments, regulatory processes, First Nations consultations and planning for the dam’s life-achievement project, which seeks to extend its operation to 2068. Federal Energy Minister Tim Hodgson highlighted the investment as part of a broader strategy to double Canada’s electricity grid capacity by 2050 while creating jobs and reducing emissions.
NB Power CEO Lori Clark said the total cost of the overhaul is now expected to approach $9 billion. The dam currently provides about 30 percent of the province’s renewable energy and 20 percent of overall electricity demand, and serves as a critical “black-start” resource for the Maritime region.
Why it matters
Extending the dam’s life secures renewable power for the Maritimes and supports Canada’s net-zero electricity goals.
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