Infrastructure Ontario releases Market Update
September 24, 2019
By
CCE
The total estimated capital costs of the projects on the pipeline, including projects in pre-transaction and the transaction phase, is over $65 billion.
On September 10th, Infrastructure Ontario (IO) released Ontario’s fall 2019 P3 Market Update.
This year’s list confirms new commitments made by the Ontario Government in its spring 2019 budget and other announcements, including the Ontario Line and Toronto subway expansions.
The Market Update includes a total of 32 P3 projects including 10 currently in procurement, and 22 in the pre-transaction phase.
The total estimated capital costs of the projects on the pipeline, including projects in pre-transaction and the transaction phase, is over $65 billion.
“As in the past, this market update constitutes a challenge and invitation to the best in the industry – big and small, local and international – to team up, partner with IO and successfully deliver high quality investments that benefit the people of Ontario,” said Ehren Cory president/CEO Infrastructure Ontario, in an open letter.
Cory adds that IO intends to publish its project pipeline twice a year going forward, once in the spring and fall.
In the Transit and Highways category, the new update confirms a schedule for the procurement of the Ontario Line being delivered by Infrastructure Ontario and Metrolinx. The planning work and engagement with the market is already underway toward issuing an RFQ in Spring 2020 and releasing an RFP later in 2020.
“We anticipate having a contract completed in the spring of 2022, providing the winning consortium more than five years to complete the historic new line by the end of 2027,” said Cory.
“It is important to note that the work of IO goes well beyond our international reputation for delivering P3 projects on budget (95%) and on schedule (69%), significantly above industry standards,” adds Cory. “In short, our vision is to build partnerships to modernize Ontario’s public assets. As we continue to build upon our experience in strategically managing publicly-owned assets, executing transactions and delivering commercial solutions, our value to government continues to evolve.”
