When Nalcor needs a bunch of Quebec lawyers, one of the firms they go to is Fasken Martineau. Nalcor has been relying on FM for lots of things over the years, including the infamous series of appeals to the Quebec energy regulator.
Last week, FM issued a news release about the close of the financial deal for the project. It included a quote from Xeno Martis, the lead lawyer from FM for the project:
"Fasken Martineau conceived and proposed a modified "wrap structure" which sheltered the lenders from any project risk and provided them with direct recourse to the Sovereign," added Mr. Martis.
That was important, as one of the underwriters described in a Financial Post story a couple of weeks ago:
“The benefit of the guarantee was that no one had to look at the merits of the underlying project.”
Whatever the provincial government paid Fasken Martineau via Nalcor, that bit of work was worth it. After all, as a result of the way FM structured the deal, investors were protected from any risk and none had to look at the merits of the project before putting money into it.
The provincial Conservatives can also thank FM for other cash.