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

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

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August 17, 2026

St. John’s, Newfoundland and Labrador

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.<br>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.<br>We have everything we need to build the future we want.<br>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.<br>As part of this agreement, the federal government will provide $10 billion in federal financing to:<br>Upgrade and expand the Churchill Falls Generating Station.<br>Develop the massive Gull Island hydroelectricity project.<br>Unlock co-investment opportunities with the Innu of Labrador in a major new Labrador onshore wind project.<br>Build associated transmission lines.<br>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.<br>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.<br>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:<br>Labrador West Transmission Expansion to assess the transmission infrastructure needed to connect critical minerals mining operations in western Labrador to the electricity grid, supporting regional opportunities and mine electrification.<br>Kami Iron Mine Partnership’s project to undertake planning and feasibility work for the transportation and energy infrastructure required for the large-scale Kami iron ore project near Wabush, Newfoundland and Labrador.<br>Focus Graphite’s project to undertake pre-construction work for a new transmission line and road connecting the Lac Knife graphite project to Hydro-Québec’s power grid, advancing the development of projects that will support the battery and energy storage technologies this country and our allies need.<br>SFP Pointe-Noire’s project to expand critical minerals handling capacity and related rail infrastructure, strengthening a key transportation gateway for mining production in the Labrador Trough.<br>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.<br>Today’s agreement realises the enormous potential of Canada when we build together.<br>This is cooperative federalism at work.<br>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.<br>Quotes<br>“Canada is...