Details are expected to be revealed Thursday on what could be a multi-billion agreement between Newfoundland and Labrador and Quebec to reshape the contract of the Churchill Falls hydroelectric project.

Newfoundland and Labrador signed a historic MOU on Thursday, to terminate and replace the 1969 Upper Churchill Contract, develop Gull Island and expand the capacity of the Churchill Falls plant. The deal will result in more than $225 billion in total revenue for NL over the life of the agreements.

Quebec Premier François Legault met with counterpart Andrew Furey in St. John's for the announcement of an agreement in principle over the Churchill Falls hydroelectricity plant.