TORONTO, Nov. 8, 2016 /CNW/ - The Canadian Council for Public-Private Partnerships (CCPPP) is proud to announce that the Southwest Calgary Ring Road project is the Gold Award recipient in the Financing category of the 2016 National Awards for Innovation and Excellence in Public-Private Partnerships (P3s).
This project is vital to the completion of the Calgary Ring Road corridor and consists of new and existing infrastructure – approximately 31 kilometers of new 6 and 8 lane divided freeway including additional and auxiliary lanes. Fifteen kilometers of Priority New Infrastructure will be located on lands that were acquired from the Tsuut'ina Nation.
The Design Build Finance and Operate project had a total project cost of $ 1.4 billion and a $ 700 million Value for Money saving. The project achieved optimization through amortization of costs with the use of medium term financing - a unique feature for a P3 project. Risk allocation has been optimized to achieve significant pass down of risk allowing Alberta Transportation significant opportunities to achieve value for money.
The Awards Panel noted this project involved new and existing infrastructure as well as a unique set of constraints that required an optimization of risk transfer. Panelists also highlighted the innovative hybrid debt financing solution used on the project.
The CCPPP National Awards will be presented on Monday, November 14th, 2016 at the 24th Annual CCPPP National Conference – INNOVATING OUR FUTURE at the Sheraton Centre Hotel in downtown Toronto.
"Mountain View Partners is privileged to be part of the Southwest Calgary Ring Road DBFO project and appreciates the confidence that the Province of Alberta has placed in our team to deliver this landmark project to advance and improve transportation infrastructure in and around Calgary and deliver continued economic growth in the region. Similarly, we are honoured for being awarded the Gold Award for Project Financing by the Canadian Council for Public-Private Partnerships for the project and humbly accept it on behalf of all of our partners, both public and private. A significant amount of work and dedication has gone into this project pursuit to date and we look forward to working with all stakeholders in true partnership for the next 35 years to fully deliver a high-quality transportation asset for our client and the people of Calgary."
Sven Kottwitz, Senior Investment Director, Meridiam
"This is one of 19 successful public-private partnerships providing critical infrastructure and services across the province of Alberta. Public-private partnerships consistently outperform traditional procurement models delivering projects on time and on budget. The Southwest Calgary Ring Road P3 project demonstrates real value for money – saving Alberta taxpayers $700 million dollars."
Mark Romoff, CCPPP President and CEO
About the Canadian Council for Public-Private Partnerships: Established in 1993, CCPPP is a national, non-partisan, member-based organization with broad representation from across the public and private sectors. Its mission is to promote smart, innovative and modern 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
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