TORONTO, Oct. 28, 2015 /CNW/ - The Canadian Council for Public-Private Partnerships (CCPPP) is proud to announce that the Eglinton Crosstown Light Rail project has won gold in the Project Financing category of the 2015 National Awards for Innovation and Excellence in Public-Private Partnerships (P3s).
The Eglinton Crosstown LRT is the largest transit expansion in Toronto's history and will be one of the largest P3 (known as Alternative Financing and Procurement – AFP in Ontario) projects in the country by the time it is completed in 2021. Once operational, the Crosstown will accommodate more than ten times as many passengers and move up to 60 percent faster than existing bus services.
"Ontario continues to raise the bar as to how governments can use smart financing to deliver highly complex infrastructure projects through public-private partnerships," said Mark Romoff, President and CEO of CCPPP. "The new transit service will serve as a model of public-sector design excellence while maintaining value for money as well as efficient and sustainable operations that will benefit generations to come," added Mr. Romoff.
The Eglinton Crosstown Light Rail Transit Project is a partnership of Infrastructure Ontario, Metrolinx, and Crosslinx Transit Solutions General Partnership (a consortium comprising four equal partner companies including ACS Infrastructure Canada, AECON, EllisDon and SNC-Lavalin) and is the first transit project to receive funding through green bonds for environmentally friendly infrastructure. The LRT will allow thousands of commuters to take a convenient, low-emissions transit option every day.
"The Crosstown project is the result of years of hard work to deliver a game-changing transit project, and it will raise the standard for other transit projects being delivered in North America," said Bert Clark, President and CEO of Infrastructure Ontario. "With the innovative made-in-Ontario procurement model, taxpayers are protected from risks of cost overruns compared to traditional transit project delivery."
"Metrolinx is proud to be delivering this important transit expansion project in Toronto," said Bruce McCuaig, President and CEO of Metrolinx. "Recognizing Metrolinx and its success in delivering this project also recognizes the importance of delivering reliable, convenient and environmentally-friendly travel options so that people choose transit more often."
The award will be presented on November 2nd at The Council's annual conference. This event is internationally recognized as the premier forum on public-private partnerships, bringing together 1,200 senior government and business leaders from across Canada and around the world.
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. Its mission is to promote innovative approaches to infrastructure development and service delivery through public-private partnerships with all levels of government. 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.
SOURCE Canadian Council for Public-Private Partnerships
Image with caption: "Rendering of Eglinton Crosstown project (CNW Group/Canadian Council for Public-Private Partnerships)". Image available at: http://photos.newswire.ca/images/download/20151028_C4396_PHOTO_EN_531520.jpg
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