Northern Pulp receives final installment of provincial funds
By Cindy Macdonald
The province of Nova Scotia is making the final disbursement to Northern Pulp Nova Scotia Corp. under the now-closed Jobs Fund program.
In April 2013, government committed $21.7 million in loans and earned incentives to the company for capital projects to improve air quality and efficiency, including a new precipitator, wood chip plant construction and natural gas conversion.
The government has determined that the company has met the terms and conditions of the agreement for the purchase and commissioning of equipment, and the final disbursement of $13.7 million has been made. This amount includes about $12 million for the precipitator and $1.7 million for the natural gas conversion.
According to the government, Northern Pulp had two other Jobs Fund agreements, $15 million for working capital in 2009 and $75 million for land purchase in 2010. These agreements were made under the previous government administration.