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First time green bond has been used to fund a public-private partnership project in North America and first time green bond has been issued to finance public infrastructure in Canada
VANCOUVER, Canada --- November 18, 2014 --- The Canadian Council for Public-Private Partnerships (CCPPP) recently announced the 2014 recipients of the National Awards for Innovation and Excellence in Public-Private Partnerships (P3s), recognizing the North Island Hospitals project with the Infrastructure Sustainability Award.
"The Council's Awards Program has become increasingly competitive, which really speaks volumes about the caliber of the projects selected," stated Mark Romoff, President and CEO of CCPPP. “This year's award winners will be bringing Canadians safe, clean drinking water; improving wastewater management; developing clean, reliable sources of energy; improved transportation routes; modern, consolidated judicial services; and cutting-edge health care facilities that are focused on the patients. These projects are delivered to the highest quality standards, while providing substantial savings and efficiencies over traditional procurement methods.”
As part of the Tandem Health Partners consortium, Balfour Beatty Investments is a key financing partner in the 30 year PPP project on behalf of Island Health that will cover the financing, design, construction, and facilities management for the Campbell River Hospital and Comox Valley Hospital. The other members of Tandem Health Partners include CC&L GVEST Traditional Infrastructure LP, Gracorp Capital Advisors Ltd., Graham Design Builders LP and Balfour Beatty Communities. Now under construction, the hospitals will help respond to the rising demand for health services in the North Island region of Vancouver Island.
The LEED Gold standard facilities represent the first time a green bond has been used to fund a public-private partnership project in North America and the first time a green bond has been issued to finance public infrastructure in Canada. The 32.3-year bond raised $231.5 million, and was oversubscribed by investors, setting an impressive benchmark for future investments in green infrastructure in the province.
“We are very pleased that the North Island Hospitals project has been honored by the Canadian Council for Public-Private Partnerships,” said Rick Taylor, president Infrastructure Investments for Balfour Beatty Investments North America. “The Tandem Health Partners team developed a truly innovative approach to this project and we look forward to delivering a successful result for the people of Vancouver Island.”