Three British Columbia Projects Winners at 17th Annual CCPPP Awards for Innovation and Excellence in P3s
TORONTO, Oct. 28, 2014 /CNW/ - The Canadian Council for Public-Private Partnerships (CCPPP) is proud to announce that three British Columbia infrastructure projects have won 2014 National Awards for Innovation and Excellence in Public-Private Partnerships (P3s).
"The Council's Awards Program has become increasingly competitive, which really speaks volumes about the calibre of the projects selected," stated Mark Romoff, President and CEO of CCPPP. "British Columbia is showing the way this year with exceptional projects in energy, health care and transportation."
These projects are delivered to the highest quality standards, while providing substantial savings and efficiencies over traditional procurement methods.
"With 219 P3 projects across the country delivering consistent strong results, Canada is solidifying its record as best in class," added Mr. Romoff.
The awards will be presented on November 3rd at The Council's annual conference. The industry's premier P3 event runs November 3rd and 4th and attracts government and industry leaders from across Canada and around the world.
Gold Award Winner
BC Hydro's John Hart Generating Station Replacement Project (Project Financing) – Construction of this $1.093 billion project began in March 2014 to replace the 67-year-old John Hart generating station to deal with earthquake preparedness, reliability and environmental issues. The annual generation capacity increases from supplying about 74,000 homes to about 80,000 homes. Financing for this project is a unique combination of funding with a sole equity provider and debt financing made up of a short-term loan and 19-year bond from the private sector in addition to the $700M from BC Hydro. An additional innovation is that this facility is being built completely underground and the property will better support the surrounding Elk Falls Provincial Park.
Silver Award Winners
North Island Hospitals Project (Infrastructure Sustainability Award) – The Comox Valley Hospital and the Campbell River Hospital are now under construction in response to rising demand for health services on north and mid-Vancouver Island. The LEED Gold standard facility is the first time a green bond has been used to fund a public-private partnership project in North America and the first time a green bond has been issued to finance public infrastructure in Canada. The 32.3-year bond raised $231.5 million, and was oversubscribed by investors, setting an impressive benchmark for future investments in green infrastructure in the province.
British Columbia Ministry of Transportation & Infrastructure: South Fraser Perimeter Road (Infrastructure Award) – This innovatively designed and financed highway in Metro Vancouver was part of the Pacific Gateway Program to improve the movement of people and goods through the region. It featured an exemplary level of openness and transparency: approximately 5,000 local residents and stakeholders participated in the extensive consultation process to ensure that the project reflected community, economic, agricultural and environmental values. The project is expected to achieve $34 million in savings for taxpayers, leading to 7,000 long-term jobs in the municipalities of Delta and Surrey as well as 4,000 jobs during the construction period. The first segment of the road opened to traffic in December 2012 and the second segment in December 2013. The total project cost was $1.26 billion, cost-shared between the Province of B.C. and the Government of Canada.
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
For further information: about CCPPP contact: Mark Romoff, President and CEO, CCPPP, 416-861-0500, [email protected]; For Media Enquiries contact: Chris Allicock, 416-694-3131 (o), 416-319-8003 (c), [email protected]
Share this article