ACS completes South Fraser Perimeter Road in Vancouver
Federal and local political leaders officially opened British Columbia's newest highway, the South Fraser Perimeter Road on 21 December 2013
The South Fraser Perimeter Road project was awarded to Fraser Transportation Group on 10 May 2010. Members of the Fraser Transportation Group include:
- Equity Partners and Concessionaire: ACS Infrastructure Canada Inc. (75 %), and Ledcor Development Ltd (25%).
- Design-Build contractors: Dragados Canada, Inc., Ledcor CMI Ltd., Belpacific Excavating and Shoring Limited Partnership, and Vancouver Pile Driving Ltd.
On July 14th 2010, the Province entered into a performance-based, fixed price concession agreement with Fraser Transportation Group Partnership (FTG) to design, build, finance and operate the road for a term that spans the construction period, plus a 20-year operating period. The capital costs associated with the DBFO portion of the project is CA$666 million.
The project included a funding contribution of $365 million from the Government of Canada.The financial closure took place on the 1st of August with six banks, Santander, Société Générale, Unicredit, ING, Crédit Agricole and Caixanova. The total amount of contributed private funds was CA$200 million, including a debt period of twenty years and capital contributions for the shareholders of some CA$31 million. The rest of the project funds will come from payments from federal and provincial governments.
The four-year design and construction process included a new 34 kilometer, four-lane highway on the south side of the Fraser River. With connections to Highway 99, Highway 91, the Trans-Canada Highway, the Pattullo Bridge and the Golden Ears Bridge. It's expected to remove heavy truck traffic from local roads, reduce travel times through the region, and improve access to major trade gateways and industrial areas.
The South Fraser motorway is a key element in the Province of British Columbia 'Gateway Program', which improves highways and bridges throughout the Vancouver metropolitan area.
Country news
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December 27, 2013
BBGI announces the completion of the acquisition of two Canadian PPP projects
Bilfinger Berger Global Infrastructure SICAV S.A. has completed the acquisition of the remaining 50% equity and loan note interest in Golden Ears Bridge, and 100% equity and loan note interest in Women's College Hospital. The transaction is part of the proposed acquisitions of 10 Pipeline Assets announced on 15 November 2013.The two Canadian PPP projects are: Golden Ears Bridge project is a long term PPP concession contract to operate and maintain the Golden Ears Bridge near Vancouver, British Columbia, Canada. The project opened to the public in June 2009. The bridge itself is a 1 km, six-lane road that spans the Fraser River. The rest of the scheme consists of more than 3.5 km of structures including ramps, viaducts, minor bridges and underpasses and more than 13 km of mainline roadway. The concession expires in 2038 and is availability-based with no volume risk. Women's College Hospital Project is a long term PPP concession contract to design, build, finance and operate the new Women's College Hospital in Toronto, Ontario, Canada.This involves the construction of a new 630,000 square foot hospital on the current Grenville Street site. The project is being delivered in two phases. The first phase became operational in May 2013 and partial payments from the health authority started at that time. Full operations are expected March 2016.The concession expires in 2043 and is availability-based with no volume risk.The acquisitions were funded from the company's existing cash resources following the recent £145 million capital raise which completed on 11 December 2013. Read more -
January 02, 2014
Fiera Axium Infrastructure acquires stake in Canadian wind project
Alterra Power Corporation announced in late December that it has sold half of its 51 % stake in the Dokie 1 wind farm to Fiera Axium Western Energy for roughly C$28.6 million (US$26.9 million). Read more -
January 13, 2014
Balfour Beatty and Ledcor win hospital P3 project in British Columbia
Balfour Beatty has announced today that it has been appointed preferred bidder for the £196 (C$350) million BC Children's & BC Women's Redevelopment Project by the Provincial Health Services Authority in British Columbia, Canada. Balfour Beatty will invest £9.2 (C$16.5) million into the project, which represents 70% of the equity required. Read more -
January 14, 2014
Preferred bidder for Okanagan Correctional centre P3
Plenary Group has been selected as the preferred proponent to work with the B.C. government and finalize an agreement to deliver a state-of-the-art Okanagan Correctional Centre (OCC) P3 project. Read more -
January 14, 2014
CIBC Boosts Infrastructure Finance Team
The Financial Post reported in its Tuesday, Jan. 14, edition that Canadian Imperial Bank of Commerce (CIBC) is boosting its Global Infrastructure Finance group. Read more
