The Fort St. John Hospital P3 Project involves constructing a new 55-bed hospital to replace the current facility, and the construction of a separate services building and 123-bed residential care facility on the same campus.
Total capital expenditure will be just under C$250m. Fort St. John is a city with almost 18,000 residents in British Columbia, the westernmost Canadian province. The hospital is scheduled to be constructed and available for use in June 2012, while the concession will end thirty years following construction in May 2042.
Northern Health Authority will be providing capital grants to fund the construction, as well as an availability fee once the hospital is operational.
There were two financial models for this project: one model with “ghost senior financing” as defined by the authority; and a second model to replace the senior financing with capital grants. The models were developed by Investec North America, for the consortium ISL Health (FSJ) General Partnership headed by Innisfree Limited and Acciona S.A..
Operis provided due diligence in auditing both of the models.