MISSISSAUGA, ONT. — EllisDon Capital and Fiera Infrastructure have established a long-term partnership for public-private partnerships (P3s).
The partnership will acquire EllisDon’s interest in its existing portfolio of P3 projects and have the right of first offer over future P3 projects for a pre-agreed period, states an EllisDon release. The partnership, formed in October 2018, will allow EllisDon to redeploy capital back into development and operating activities, while retaining an ownership interest and participating in the long-term management of these assets. The acquisition of the first three projects is expected to close this winter.
EllisDon’s existing portfolio contains 10 P3 projects which includes Canadian P3 projects geographically dispersed across four provinces and three subsectors — social, health care and transportation.
In addition, EllisDon was awarded two more projects in 2018, each with a 100 per cent equity interest, which will be subject to the partnership right of first offer following completion of construction and stabilization of operations, indicates the release.
“Partnering with EllisDon…enables Fiera Infrastructure to further access the highly competitive public-private partnership market with a strategic long-term partner,” said Alina Osorio, president of Fiera Infrastructure, in a statement. “This marquee transaction provides our investors with ongoing access to essential Canadian infrastructure assets with low-risk, reliable, and stable cash flows throughout the lives of the projects’ concessions.”
EllisDon will participate on the board of the partnership and act as the manager. As such, it will continue to be the counterparty to the various stakeholders and partners in the transferred assets, concludes the release.