Ottawa's light-rail project honored for public-private financing

Ottawa's light-rail project known as the Confederation Line has been honored with the North American Public-Private-Partnership Deal of the Year by Project Finance Magazine, National Bank Financial Inc. and Sun Life Assurance Co. of Canada announced yesterday.

The project's financing closed in February 2013, with National Bank Financial and Sun Life Assurance acting as co-lead underwriters. The project was recognized for its public-private partnership deal.

"Public-private partnerships in Canada have emerged as an innovative and effective way to deliver public infrastructure," said Peter Hepburn, managing director of the Infrastructure Finance Group, National Bank Financial.

The project will provide economic, environmental and sustainability benefits to the city for generations, said John Vincent, Sun Life Financial's senior managing director and head of project finance.

The Project Finance Awards recognize different aspects of transactions, such as innovation, deal repeatability, best practices, problem solving, risk mitigation, value for money and speed of delivery in the financing of infrastructure projects.

The Confederation Line is Ottawa's most significant infrastructure investment since the building of the Rideau Canal, officials said. The project is being developed by the Rideau Transit Group, which is comprised of ACS Infrastructure Canada Inc.; SNC-Lavalin Capital, a division of SNC-Lavalin Inc.; and EllisDon Inc. The companies formed a joint venture to design, build, finance and maintain the light-rail project for 30 years.