Torys infrastructure and P3 deal recognized with two Deal of The Year awards
We are thrilled to announce that Fargo-Moorhead Area Diversion project, an infrastructure deal we advised on, has been recognized by Proximo Infra as the North America Water Deal of the Year and by Project Finance International (PFI) as the Americas P3 Deal of the Year.
Led by Tara Mackay, Josh Van Deurzen and Jessica Ho-Wo-Cheong, the Torys team acted as counsel to Red River Valley Alliance (Acciona Concessions/Shikun & Binui/North American Construction Group) as the successful proponent for the US$2.1 billion project to design, build, finance, operate and maintain a flood control project on the Red River that borders North Dakota and Minnesota. This is the first PPP flood management project in North America.
This undertaking, which will establish permanent flood protection measures for the region, will involve:
thirty-mile storm water diversion channel;
storm water diversion channel outlet;
the diversion channel line of protection;
two pairs of interstate bridges;
twelve county road bridges or crossings;
four railroad crossings (including three railroad bridges and demolition of one railroad mainline);
eleven drain inlets; and
two drop structures that direct the flow of the Lower Rush River and the Rush River into the diversion channel.
Additionally, the comprehensive project will remove the threat of disastrous flooding with a design to withstand a 100-year flood event and additional protections in place to provide resiliency in the event of a 500-year flood.
The Proximo North America Deal of the Year Award seeks to honour the most innovative, market influencing transactions within project financing over the past year.
The PFI Awards gathers the world’s most senior and successful project finance professionals to celebrate industry excellence.