Ontario transport deal closes

Canada’s Windsor-Essex Parkway PPP has reached financial close with 10 banks.

Banco Santander, Banesto, BNP Paribas, Bank of Tokyo Mitsubishi UFJ, Caja Madrid, Credit Agicole, Dexia, ING, Societe Generale and WestLB will all provide funding for a CAN$1.2bn (US$1.19 billion) loan on the deal, which was won by a consortium made up of ACS, Acciona and Fluor.

The Windsor Essex Parkway road will connect highway 401 to a new international crossing over the Detroit River to I 75 in Michigan.

The 30-year contract involves designing, building, financing and operating the Windsor-Essex Parkway, which includes 11 tunnelled sections, at least 20 interchange ramps, 240 acres of green space and over 20km of recreational paths.

It will be financed with availability payments from the province and federal government.