Financial close was successfully reached on May 7, 2018, for the Finch West Light Rail Transit P3 project in Ontario, Canada.
The winning consortium, Mosaic Transit Group, won the concession which involves the design, build, financing and maintenance for the 11-kilometre light rail project. Construction of the project is due to reach completion by 2023.
Bob Chiarelli, the Ontario Minister of Infrastructure said: “The Finch West LRT will provide fast, efficient and reliable transit for Ontarians. As part of the largest infrastructure investment in the Province’s history, this significant project will generate economic benefits in the Greater Toronto Area, create jobs, and keep people moving.”
The Finch West LRT project also holds the record for the shortest period from preferred proponent notification to financial close for a P3 project in Canada, a testament to the efficient procurement process employed by the procuring authority, Infrastructure Ontario.
On behalf of the consortium, Operis was pleased to perform an audit of the financial model which included the review of the tax & accounting treatments.
