TORONTO, Nov. 04, 2019 (GLOBE NEWSWIRE) -- The Gordie Howe International Bridge Project, the first new major trade link under construction between the United States and Canada in four decades, has won gold in this year’s National Awards for Innovation and Excellence in Public-Private Partnerships.
Presented by The Canadian Council for Public-Private Partnerships (CCPPP) since 1998, the prestigious award will be bestowed upon the team behind the international crossing at CCPPP’s 27th annual conference on Monday, November 18 in Toronto at the Sheraton Centre Toronto Hotel.
“Congratulations to the Gordie Howe International Bridge Project team for winning the gold project financing award in this year’s National Awards for Innovation and Excellence in Public-Private Partnerships,” said Mark Romoff, president and CEO of CCPPP.
The project is among five award recipients this year. The winning projects, located in the Northwest Territories, Quebec, Alberta and Ontario, showcase the diversity of projects using P3s to deliver innovative infrastructure that best serves the economic and social needs of Canadians. Read more
“We are quickly approaching the 30-year mark for the use of P3s in Canada and 285 projects in operation or under construction, which is why it’s so exciting to see there are still new ways the public and private sectors and Indigenous communities can work together to find innovative and sustainable approaches to developing, financing and maintaining public infrastructure that achieves the best outcomes for Canadians,” Romoff said.
The partners involved in the Gordie Howe International Bridge Project are Windsor-Detroit Bridge Authority and Bridging North America.
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“The recognition received by industry this year for the Gordie Howe International Bridge project reaffirms we have a world-class project. We are grateful to be recognized with the gold project financing award by the Council. The approach taken to the complex procurement process and deal structure including technical, financial, legal and communications innovations will serve as best practices for future P3 projects.”
- Bryce Phillips, CEO, Windsor-Detroit Bridge Authority
“Bridging North America is thrilled to receive a gold award for Project Financing in CCPPP’s National Awards for Innovation and Excellence in Public-Private Partnerships. The Gordie Howe International Bridge project is a once-in-a-generation undertaking and, when completed, will provide long-term benefits to communities on both sides of the border. The innovative financial structure for the project, based on the international experience of our team, will set a precedent for the market. Our entire team is dedicated to working safely and collaboratively with our client on this project to deliver it on time and on budget.”
- Aaron Epstein, CEO, Bridging North America General Partnership
Gordie Howe International Bridge Project (Project Financing Award): This international crossing — which will be the longest cable-stayed bridge in North America and the first new major trade link between the United States and Canada in four decades — represents one of the largest recent private financings of a P3 in Canada with a total project cost of CAD$5.7 billion. The binational and high-profile nature of this project posed some “interesting challenges” for the team to overcome from working with two different sets of codes, regulations, standards, taxation systems and currencies to environmental issues and border security, the awards committee said. The project itself was very large and technically complex involving a large bridge span, highway works and two ports of entry. The step-up step-down security package provided to lenders is unique and the project is the first Canadian P3 to use a non-traditional foreign exchange risk framework to balance fluctuating currency prices, setting a precedent for future cross-border transactions.
CCPPP’s annual conference is the world’s premier event on public-private partnerships, attracting 1,200 senior public and private sector infrastructure leaders from across Canada and abroad with unparalleled networking and business development opportunities. Media are invited to register in advance at p3-2019.ca.
About the Canadian Council for Public-Private Partnerships
Established in 1993, CCPPP is a national not-for-profit non-partisan, member-based organization with broad representation from across the public and private sectors. Our mission is to collaborate with all levels of government, Indigenous communities and the private sector to enable smart, innovative and sustainable approaches to developing and maintaining public infrastructure that achieve the best outcomes for Canadians. The Council is a proponent of evidence-based public policy in support of P3s, facilitates the adoption of international best practices, and educates stakeholders and the community on the economic and social benefits of public-private partnerships.
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