September 13, 2016
Torys acted as counsel to the lenders to Mountain View Partners (Meridiam Infrastructure/Kiewit/Connor Clark & Lunn GVest/Ledcor), the successful proponent for the C$1.42 billion Southwest Calgary Ring Road PPP project to design, build, finance, operate and maintain the southwest segment of the ring road in Calgary, Alberta.
Photo courtesy of Mountain View Partners.
|Procurement Model:||DBFOM - Design Build Finance Operate Maintain|
|Client Name:||the lenders to Mountain View Partners|
|Project Value:||$1,420,000,000 CAD|
This project was awarded the Gold Medal for Project Financing from the Canadian Council for Public-Private Partnerships (CCPPP) in the 2016 National Awards for Innovation and Excellence in Public-Private Partnerships (P3s). For more information on the project's recognition, click here.
The southwest segment of the Calgary Ring Road is approximately 21 km and will extend from Lott Creek Boulevard on Glenmore Trail/Highway 8 south to Macleod Trail (Highway 2A).
The project involves the construction of a new highway from Highway 8 to Macleod Trail SE and the reconstruction of Glenmore Trail from Sarcee Trail to east of 37th Street. The project will include:
On September 13, 2016, Mountain View Partners (MVP)—a consortium consisting of Meridiam Infrastructure North America Corp., Kiewit Canada Development Corp., Connor, Clark & Lunn GVest Traditional Infrastructure Limited Partnership and Ledcor Investments Inc.—signed a 35-year contract worth C$1.42 billion with Alberta Transportation, on behalf of the province of Alberta. Under the agreement, the province will fund 60% of the capital construction cost, which will be paid during the five-year construction phase, and MVP will finance the remaining 40% over the 35-year construction and operating period.
The design and construction of the project will be subcontracted to KGL Constructors, a construction partnership made up of Kiewit, Graham and Ledcor. The operations and maintenance will be subcontracted to Alberta Highway Services Ltd.
Construction on the southwest section of the Ring Road is currently underway and is expected to open to traffic in the fall of 2021. The southwest segment is one of the last sections of the Calgary Ring Road to be completed. When finished the 101 km free-flow highway will circle the city.
Torys represented the lenders with a team that included Tara Mackay, Josh Van Deurzen, Allison Segal and Andrew Bedford (project), Michael Zackheim, Mile Kurta, Christopher Bornhorst, Brett Saulnier (securities), Grace Pereira and David Mattingly (tax).