The New Brunswick Government has announced that it will help Miramichi rebound after it faced another hit when a Norwegian-based solar Company took a $700-million project to produce solar panel material in Miramichi.

Umoe Solar on Wednesday revealed that the high Canadian dollar, high construction and energy prices and a squeeze in the market for solar panels were the main reasons behind the decision on the project.

The loss of the plant is another economic hit for Miramichi. The Umoe facility was being developed on the site of the former UPM Kymmene mill, which the Swedish-based company dropped in 2007.

The Company was in plans to appoint 350 people and convert the old UPM paper mill in Miramichi into a $700-million facility to yield polysilicon, a material used in solar panels.

Business New Brunswick Victor Boudreau posted that the provincial Government will be pondering over ways to assist the community following the economic blow.

"We're going to be looking at whatever opportunities there are out there to assist that community," Boudreau quoted on Wednesday. "It is a community that was hit hard; this would have been a great opportunity to get them get back on their feet."

A factor in Umoe Solar's decision to indefinitely delay the project is revealed to be expensive power that it would have paid in Miramichi.