Ottawa announces funding to aid in expansion of Port of Argentia
Expansion will be a game changer, says port CEO
The Port of Argentia is getting a major injection of federal dollars, money that the CEO hopes will turn it into a powerhouse for hydrogen and wind energy projects.
Federal Transportation Minister Omar Alghabra announced $38 million for the port Wednesday, which will be used as part of a planned $100-million expansion. The expansion would increase dockside space by about 100,000 square metres and create an additional 460 metres of berthing space to the port in Cooper Cove.
"This facility is already impressive in size, but it's about to even get bigger," Alghabra told reporters Wednesday.
"This work is critical because it will allow the port to accommodate more trade volume, handling and storage, which will improve operations and increase economic growth in the region."
Scott Penney, CEO of the Port of Argentia, called the funding a game-changer. He expects work to begin on the project in the next year and a half.
"From the port's perspective, it seems like everything is coming together. The perfect storm," Penney said. "The future's extremely bright, and it's filled with a lot of firsts for the Port of Argentia."
Penney said the expansion presents a significant opportunity for the region to be a leader in the transition to renewable energy, highlighting the agreement between Canada and Germany to use Canadian-produced hydrogen to power the future.
Port board chair Genny Picco say the opportunity will make the region stronger and add to the more than 40 businesses already in the area.
"This investment and dock development will create much needed jobs in our local area, and provide important economic spin-offs in our region, province, and indeed the entire country," Picco said.
Members of the federal and municipal government were also in attendance for the announcement but there were no representatives from the provincial government.
Asked where the rest of the $100 million for the expansion will come from and if the province is involved, Penney said it is required.
"We've got projects that are looking to utilize the port. Port infrastructure is going to be a requirement. So we have got partners that are going to pick up the shortfall," he said.
"That absolutely is a critical element to this project."
With files from Terry Roberts