Infrastructure project moving on to execution stage as parties reach financial close
Aecon Group has announced that the Crosslinx Transit Solutions consortium has reached commercial and financial close on the largest P3 project in Canada’s history.
Crosslinx is comprised of Aecon, ACS Infrastructure Canada, EllisDon, and SNC-Lavalin and was previously selected by Metrolinx and Infrastructure Ontario as the preferred proponent for the project. Each member of the Crosslinx consortium, is an equal partner with a 25 per cent interest in the equity, development, construction and maintenance activities of the project.
“Together with our partners, Aecon is pleased to advance to the execution stage of the Eglinton Crosstown LRT project and looks forward to delivering a world-class LRT service for the City of Toronto,” Teri McKibbon, president and CEO of Aecon Group, said. “Our participation in this large-scale project, both during construction and maintenance stages, bodes well for Aecon’s growth, as it positions itself to participate in the unprecedented transit build-out planned by various jurisdictions across Canada.”
Financing for the project will be provided by National Bank Financial and Scotia Capital as underwriters. Numerous other institutions are involved as mandate lead arrangers and financial advisors.
Crosslinx will be responsible for the design, build, finance, maintenance and lifecycle activities of the 19 kilometre Eglinton Crosstown LRT line for a 30-year maintenance term, including 25 stations, an integrated system of track work, rolling stock, signaling and communications infrastructure.