Torys 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 Fargo-Moorhead Area Diversion PPP project to design, build, finance, operate and maintain a flood control project on the Red River that borders North Dakota and Minnesota.
The project won multiple awards, including the
2022 Project Finance Deal of the Year from IFLR Americas Awards
2021 Americas P3 Deal of the Year from Project Finance International
2021 North America Water Deal of the Year from Proximo
The project, which will establish permanent flood protection measures for the region, involves
a thirty-mile storm water diversion channel
a 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
two drop structures that direct the flow of the Lower Rush River and the Rush River into the diversion channel
The Fargo-Moorhead Area Diversion is the first PPP flood management project in North America.
On June 18, 2021, The Metro Flood Diversion Authority (MFDA) selected Red River Valley Alliance—a consortium of private companies—as its P3 partner for the Fargo-Moorhead Area Diversion project, following a unanimous vote by its board of directors.
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.
Financial close was announced on November 1, 2021.
Completion of the project is anticipated by spring of 2027.
Further information on the project can be found on the FM Area Diversion website.
Torys acted as counsel with a team led by Tara Mackay, Josh Van Deurzen and Jessica Ho-Wo-Cheong.
Torys also acted on the following in connection with this project: