October 23, 2018
Ontario’s Finch West LRT Wins Silver for Project Financing in CCPPP’s 2018 National Awards for Innovation and Excellence in P3s
Projects in Alberta, Saskatchewan and Ontario to be honoured at P3 2018 in Toronto on November 5
The Finch West LRT project, one of the largest private financings of a P3 in Canada, has won silver in this year’s National Awards for Innovation and Excellence in Public-Private Partnerships.
Presented by The Canadian Council for Public-Private Partnerships (CCPPP) since 1998, the prestigious award will be handed out at CCPPP’s 26th annual conference – P3 2018 – on Monday, November 5 in Toronto at the Sheraton Centre Toronto Hotel.
“CCPPP and its members congratulate the team involved in the Finch West LRT project on winning silver for project financing in the 2018 National Awards for Innovation and Excellence in Public-Private Partnerships,” said Mark Romoff, president and CEO of CCPPP.
The 11-kilometre light-rail system in Canada’s largest city is one of five winners across the country selected for breaking new ground in how P3s are built, financed or deliver services, as well as their impact on boosting the economy, cost savings and creating more vibrant, inclusive communities. Read more
“These five projects represent the hard work and dedication of thousands of people across Canada who are making these critically important infrastructure projects a reality. Their exceptional leadership and innovative thinking are what continues to distinguish the Canadian P3 model as globally best-in-class,” Romoff said.
The partners involved in the LRT project include Infrastructure Ontario, Metrolinx and Mosaic Transit Group, a consortium of Aecon Concessions, ACS Infrastructure and CRH Canada Group Inc.
“Congratulations to the Metrolinx, Mosaic Transit Group and Infrastructure Ontario teams for their incredible work on the Finch West LRT project. The Project Financing award showcases how we were able to leverage the skills and expertise of both public and private sectors. Using IO’s competitive procurement process, we were able to obtain a contract that gets the best value for taxpayers.”
- Ehren Cory, President and CEO, Infrastructure Ontario
“The Finch West LRT project represents an exciting and significant investment in rapid transit for Toronto. The Project Financing award is further evidence of Metrolinx and Infrastructure Ontario successfully collaborating with the Mosaic Transit Group to ultimately provide taxpayers with the best value for their money.”
- Phil Verster, CEO, Metrolinx
“Mosaic Transit Partners is thrilled to win the silver award in the Project Financing category. The Finch West LRT represents the culmination of more than 2.5 years of bidding efforts and a significant example of innovation and moving the model forward. The financing structure for this project drove real value and was a result of the great partnering efforts between the public sector, the equity members and the lenders.”
- Vicente Gurrea, CEO, Mosaic Transit Partners
Finch West LRT Project (Project Financing Award): Under construction in northwestern Toronto, the 11-kilometre light-rail system is an Ontario government priority to transform the busy Finch Avenue West corridor. The LRT system will have 18 stops to connect commuters and families to local and regional transit services; deliver economic and job creation opportunities; and transform Finch Avenue West into a vibrant community, accessible to motorists, transit riders, cyclists and pedestrians alike. The LRT is expected to open in 2023.
The awards committee found that the project has “clear benefits to the community and economy,” noting the consortium is developing an apprenticeship plan to ensure historically disadvantaged groups are involved in constructing the line.
The $1.4-billion Finch West LRT project utilized more than $800 million in private financing consisting of short-term bank financing combined with a cost-efficient combination of medium- and long-term bonds. The project reached financial close in an “impressive” 26 days — an Ontario P3 record, the awards committee noted. Importantly for an LRT project, the financing structure was also designed to accommodate future system expansion. Overall, the project has an estimated cost savings of $566 million via the alternative financing and procurement model.
About the Canadian Council for Public-Private Partnerships
Established in 1993, CCPPP is a national not-for-profit non-partisan, member-based organization with broad representation from across the public and private sectors. Our mission is to collaborate with all levels of government and Indigenous communities to enable smart, innovative approaches to public infrastructure development and service delivery that achieve the best outcomes for Canadians. The Council is a proponent of evidence-based public policy in support of P3s, facilitates the adoption of international best practices, and educates stakeholders and the community on the economic and social benefits of public-private partnerships.
For media inquiries, please contact:
Jennifer Robinson, Director, Communications and Media Relations
The Canadian Council for Public-Private Partnerships