TORONTO, Nov. 1, 2013 /CNW/ - The Government of Alberta's Northeast Anthony Henday Drive Project has won the Silver Award for Project Financing at the 16th annual Canadian Council for Public-Private Partnerships (CCPPP) Awards for Innovation and Excellence in Public-Private Partnerships. The project made history by issuing the first P3 bond offering since the 2008 financial crisis to achieve a spread of less than 200 basis points compared to equivalent Canadian government bonds.
Northeast Anthony Henday Drive is a vital transportation corridor that will greatly improve the mobility of residents around Edmonton and its surrounding communities and support the economic development of the province by facilitating the transport of goods.
It is a true milestone: Alberta's largest P3 transaction ever, and along with the Northwest and Southeast sections, the first Canadian ring road to use the P3 model. The $1.81 billion contract (2012 dollars) provides value for money of $370 million (17 per cent) over the Province's estimate to perform the work traditionally.
The partners, Alberta Transportation and Capital City Link General Partnership (CCLGP), used a Design-Build-Finance-Operate (DBFO) model that includes a 4.5-year design and construction period and a 30-year operating period. The project provides new infrastructure, including 27 kilometres of new divided freeway, nine interchanges, 10 flyovers, two bridges and 46 bridge structures.
Alberta's P3 model for transportation projects is recognized as best in class and is being examined around the world for adoption.
"At the time that this project was closing its financing, in the wake of the 2008 financial crisis," said Mark Romoff, President and CEO, CCPPP, "no one would have predicted that it would set this remarkable benchmark for financial success. No wonder the province views it as one of the most successful P3 procurements to date."
This award will be presented on November 7th at The Council's annual conference. The gathering attracts major players from across Canada and around the world, where the Canadian P3 approach is considered best in class.
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. The Council organizes an annual conference that is recognized internationally as the premier forum bringing together senior government and business leaders in the P3 community at which the most successful Canadian public-private partnerships are celebrated through CCPPP's National Awards for Innovation and Excellence.
SOURCE: Canadian Council for Public-Private Partnerships
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