The Confederation Line Light Rail Transit (LRT) project has been named the North American Public-Private-Partnership (P3) Deal of the Year by Project Finance Magazine.
The award recognizes the innovative project financing structure developed by Rideau Transit Group in their bid to design, build, finance, and maintain the 12.5 kilometre light rail system, including the fleet of 34 Alstom CITADIS Spirit trains.
Antonio Estrada, CEO of Rideau Transit Group, accepted the award at the 15th Annual Project Finance Americas Deals of the Year Awards Dinner in New York City.
The Confederation Line is a $2.1 billion project that is jointly funded by the Government of Canada, the Province of Ontario and the City of Ottawa. The Government of Canada is contributing $600 million through the Building Canada Fund.
The City of Ottawa will also allocate up to $161.5 million of its federal Gas Tax Fund transfers to this project. The Government of Ontario is contributing up to $600 million. In addition, the City of Ottawa will allocate $287 million of Provincial Gas Tax revenues to the capital infrastructure. The remaining project budget funds will come from development charge revenues and transit reserves.
The project is the first stage in Ottawa’s future rail network. The 12.5-kilometre electric light rail system replaces existing diesel powered buses, providing rapid transit between Blair Station in the east and Tunney’s Pasture in the west. The route includes 13 stations and a 2.5-kilometre tunnel that will alleviate congestion through the downtown core.