SNC-Lavalin transfers sixth P3 asset into infrastructure investment vehicleCompanies & People Energy BC Hydro hydroelectric InPower maintenance operations P3 powerhouse SNC-Lavalin
The asset is contracted to deliver and provide services to BC Hydro’s John Hart Generating Station.
SNC-Lavalin has finalized the transfer of a sixth public-private partnership (P3) asset, the InPower BC General Partnership, into its infrastructure investment vehicle for a total cash consideration of approximately $41 million.
The asset in question is the entity contracted to deliver and provide services to BC Hydro’s recently replaced John Hart Generating Station (underground powerhouse pictured) on Vancouver Island, Canada’s first P3 project in the hydroelectric industry. Specifically, InPower has been transferred to SNC-Lavalin Infrastructure Partners LP.
“The transfer is another great example of the success of the partnership, as it creates significant value for SNC-Lavalin and enables us to continue to efficiently redeploy capital back into new development opportunities,” says Stéphanie Vaillancourt, president of the firm’s capital and operations and maintenance (O&M) arm, which will continue to provide asset management services at the hydroelectric facility for the next 11 years.
SNC-Lavalin holds a 20% interest in the partnership, which was first announced and launched on June 30, 2017. The initial closing of the first four assets was reached on Sept. 27, 2017, and the fifth was transferred on June 28, 2018.