Prime Minister Carney announces the largest clean energy investment in North American history

In a more dangerous and divided world, Canada’s new government is focused on what we can control: building a stronger, more independent, and more sustainable country.

Canada is starting from a position of strength. We have what the world wants. We have the natural resources, critical minerals, and clean power that will build this century. We have the workers and the ingenuity to turn that potential into strength. We understand we can build faster and bigger when we work together. And we have trust, the most valuable commodity in an increasingly volatile, unreliable world.

We have everything we need to build the future we want.

Today, the Prime Minister, Mark Carney, alongside the Premier of Québec, Christine Fréchette, the Premier of Newfoundland and Labrador, Tony Wakeham, and the CEOs of Hydro-Québec and Newfoundland and Labrador Hydro, announced a historic agreement to upgrade and expand the Churchill Falls Generating Station and develop the Gull Island project and related transmission, building one of the largest electricity projects in North America.

As part of this agreement, the federal government will provide $10 billion in federal financing to:

Together, these projects represent the largest clean energy investment in North American history, at nearly $70 billion. They will generate 14,000 megawatts of clean, renewable power – nearly tripling the current generating capacity of Churchill Falls. That is enough power to light, heat, and cool all the homes in Toronto, Montréal, and Vancouver combined. These projects will support 23,000 jobs – from the skilled trades to engineering – and contribute $31 billion to Canada’s GDP through the early 2040s.

The Labrador Trough is a world-class mining region across Newfoundland and Labrador and Québec, with significant sources of high-purity iron ore. To harness this strategic asset and create high-paying careers for Canadian workers, the government announced the referral of the Labrador Trough Clean Power, Critical Minerals and Infrastructure Corridor to the Major Projects Office (MPO). The MPO will coordinate and structure federal financing, accelerate permitting requirements, and work with Indigenous Peoples to forge meaningful partnerships.

In addition, Canada’s new government will support strategic, pre-development projects in the Labrador region, funded under the First and Last Mile Fund (FLMF) through Natural Resources Canada. This includes the following projects:

We are making Canada the best place in the world to build and invest in clean energy. By combining the Clean Economy Investment Tax Credits, efficient project approvals, cooperation agreements with provinces and territories, strategic investments, and attractive financing, we are giving builders the certainty to build big and move fast.

Today’s agreement realises the enormous potential of Canada when we build together.

This is cooperative federalism at work.

In a more dangerous and volatile world, we’re choosing to build clean, affordable, and reliable energy systems, in partnership with all Canadians, for all Canadians.

“Canada is extending its unique advantage in clean, reliable, and affordable power. Because when we master energy, we master our destiny. Through cooperative federalism, we are unlocking our immense potential, building big, building sustainably, building in partnership, and building Canada strong for all.”

The Rt. Hon. Mark Carney, Prime Minister of Canada

“In the current geopolitical context, it is vital for every nation to secure its energy future. I am very proud to announce today the conclusion of this new agreement, which is a priority for Québec, particularly for generations to come. Through this partnership, we are supporting the energy transition and enabling the growth of our economy through renewable energy, while ensuring our energy independence.”

Christine Fréchette, Premier of Québec

“This is a win-win-win for Newfoundland and Labrador, the federal government, and Québec. I want to thank Prime Minister Carney and Premier Fréchette for their leadership throughout this process. We are finally replacing the notorious 1969 Churchill Falls deal and the 2024 MOU with a new deal that will guarantee us more power, more value, and more transmission. Newfoundlanders and Labradorians will finally be the primary beneficiary of our own resources, with complete control over whether we use our power to develop our economy or sell to outside markets. Today is not about what we can tear up, it’s about what we can build up. It is now time for us to roll up our sleeves and get to work to build a better and brighter future for all of us.”

The Hon. Tony Wakeham, Premier of Newfoundland and Labrador