SNC-Lavalin announces financial closure for Eglinton Crosstown Light Rail Transit Project
Jul 24, 2015, 10:00 ET
MONTREAL, July 24, 2015 /CNW Telbec/ - SNC-Lavalin (TSX: SNC) is pleased to announce that Crosslinx Transit Solutions General Partnership, a consortium in which SNC-Lavalin, along with its three equal partners, has reached financial close on the Eglinton Crosstown Light Rail Transit (LRT) project (the "Eglinton Crosstown") in Toronto, Ontario, Canada. Under the project agreement, Crosslinx Transit Solutions will provide the design, build, financing and 30-year maintenance and rehabilitation of the Eglinton Crosstown. Infrastructure Ontario is managing the procurement of the Crosstown's integrated system and Metrolinx, the Province of Ontario's regional transportation agency for the Greater Toronto and Hamilton area (GTHA), will oversee detailed design and construction.
As the largest transit expansion in Toronto's history, the Crosstown is part of the $5.3 billion investment in integrated transportation and transit in the GTHA made by the Government of Ontario in 2010. The proposed 19-kilometre light rail line will travel across Eglinton Avenue between Mount Dennis Station (Weston Road) in Toronto's west end and Kennedy Station in the city's east end. It will include 25 stations and stops that link commuters to bus routes, connections to three subway stations and various GO Transit lines. In addition, more than 10 kilometres of the system will run underground between Mount Dennis (Weston Road) and east of Laird Drive.
"We are pleased to have been awarded this project to deliver the Eglinton Crosstown, a signature LRT system that will benefit Torontonians for decades to come," said Ian L. Edwards, Executive Vice- President, Infrastructure, SNC-Lavalin Group Inc. "Our capabilities to execute LRT projects of this magnitude, as well as our ability to provide a fully integrated, value-added package that encompasses the whole life-cycle from end-to-end, are unmatched in this industry."
"I am proud that we will have the opportunity to contribute our significant expertise in the LRT sector and deliver a vital, sustainable and affordable rapid transit solution that will improve traffic congestion along one of Metro Toronto's key arteries and enhance the quality of life in the surrounding communities," said Robert G. Card, President and Chief Executive Officer, SNC-Lavalin Group Inc. "Once operational, the Eglinton Crosstown will offer commuters a wide range of economic and environmental benefits in addition to travel options and time savings."
Founded in 1911, SNC-Lavalin is one of the leading engineering and construction groups in the world and a major player in the ownership of infrastructure. From offices in over 50 countries, SNC-Lavalin's employees are proud to build what matters. Our teams provide EPC and EPCM services to clients in a variety of industry sectors, including oil and gas, mining and metallurgy, infrastructure and power. SNC-Lavalin can also combine these services with its financing and operations and maintenance capabilities to provide complete end-to-end project solutions. www.snclavalin.com
For further information: Media: Louis-Antoine Paquin, Public Relations Manager, Global Corporate Communications, SNC-Lavalin Group Inc., 514-393-8000, ext. 54772, [email protected]; Investors: Denis Jasmin, Vice-President, Investor Relations, SNC-Lavalin Group Inc., 514-393-8000, ext. 57553, [email protected]
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