The Golden Ears Bridge P3 Project in Vancouver, Canada, reached financial close on March 14, 2006.
The Golden Ears Bridge project, valued at C$1.1 billion, involves the DBFO of a new 1km six lane toll bridge across the Fraser River between Surrey and Langley. Designed to improve the movement of people and goods in the Greater Vancouver Region, the project’s construction will is expected to take approximately three and half years and will be managed under a 32-year concession agreement.
The project is being procured by Translink – Greater Vancouver Transportation Authority (GVTA) who will set the tolls and will retain control of the toll rates throughout the life of the project.
Bilfinger Berger BOT, the project sponsors, are investing the sub debt and equity. They are jointly constructing it with CH2M Hill. Capilano Highway Services Company are responsible for the operating maintenance and renewals. Senior debt is provided 50-50 by Depfa and Dexia, with Dexia also providing 100% of the mezzanine debt. Ambac and XL Capital wrapped the bank debt in this innovative financing.
On behalf of the winning consortium comprising Bilfinger Berger BOT, Depfa and Dexia, Operis was pleased to provide model audit and other financial due diligence for the project financing of the Golden Ears Bridge.