Leading Advisors in Project Finance

  • Ottawa Light Rail Project Reaches Financial Close

    3 May 2019

    The Ottawa Light Rail Transit Stage 2 Confederation Line project, valued at C$2.57 billion, reached financial close on April 26, 2019. East-West Connectors, a consortium led by Kiewit and Vinci Group, was selected to design, build and finance the Confederation Line East and West Extensions on March 6, 2019. The construction funding split will be 60% Kiewit and 40% Vinci. Design engineering services will be provided by WSP Canada and Hatch Ltd.

    Commissioned by the City of Ottawa, the project is the design-build-finance for an extension of Ottawa’s existing O-Train system, adding of 27 kilometers of new rail and 16 new stations. The project involves the extension of the Confederation Line east from Blair to Orléans, west to Algonquin College and Bayshore, and also includes a southern extension of the O-Train to Riverside South and Bowesville. Construction is anticipated to be complete for the east extension in 2024 and for the west extension in 2025. The Confederation Line is only one part of the Stage 2 Project which has a total cost of C$4.7 billion.

    Considered to be the biggest infrastructure project to take place in Ottawa after the construction of the Rideau Canal, Operis was pleased to carry out a formal model audit for the project sponsors, which included a review of the tax and accounting treatment within the model.

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