Ontario released its P3 Market Update, highlighting major infrastructure projects
by CM Staff
P3 Market Update highlights 38 major infrastructure projects taking place across the province valued at an estimated $60 billion.
TORONTO — On June 10, the Ontario government released the latest P3 Market Update which highlights 38 major infrastructure projects taking place across the province using the public-private partnerships (P3) model and valued at an estimated $60 billion.
The P3 Market Update, released four times a year, is a list of public projects in the pre-procurement and procurement stages for which Ontario has committed investments. The list helps potential local and global private-sector partners organize their time and resources to make sure Ontario gets robust, innovative and competitive bids for its P3 infrastructure projects.
“The P3 Market Update demonstrates our government’s commitment to investing in key infrastructure projects that support economic growth, community improvements and local job creation,” says Laurie Scott, Minister of Infrastructure. “Our infrastructure investments in health care, highways and other community safety projects, especially those included in this Market Update, contribute to Ontario’s economic renewal and long-term recovery.”
Highlights from the latest P3 Market Update include:
- The Hamilton LRT was added to Projects in Planning
- The MECP Science Complex was added to Projects in Planning
- Brampton Courthouse Addition Phase 2 & Toronto Region Bail Centre is now in the construction stage, following financial close earlier this month
- Advance Tunnel for Scarborough Subway Extension and Advance Tunnel for Eglinton Crosstown West Extension are now in the construction stage, following financial close earlier this month.
“With two subway tunneling projects for the subways program closing since our April Market Update, and major healthcare projects progressing, IO continues to deliver on the government’s infrastructure priorities,” says Michael Lindsay, President & CEO of Infrastructure Ontario.
The P3 Market Update affirms the Ontario government’s commitment to investing in and supporting P3s and public infrastructure projects. Much of its project information is outlined in the 2021 Budget, Ontario’s Action Plan: Protecting People’s Health and Our Economy.