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P3 Market Update highlights key projects and new P3 procurement strategy

DCN-JOC News Services
P3 Market Update highlights key projects and new P3 procurement strategy

TORONTO — The province released Infrastructure Ontario’s (IO) Fall 2021 P3 Market Update today (Oct. 14), highlighting 38 major infrastructure projects that use the public-private partnership (P3) model.

Thirteen projects are in the planning stage, 23 in pre-procurement and 15 in active procurement, valued at an estimated $60 billion in contract value.

The update was provided by Ontario’s Minister of Infrastructure Kinga Surma at an online event hosted by the Empire Club of Canada.

The P3 Market Update, released quarterly, is a list of public projects in the pre-procurement and procurement stages for which Ontario has committed investments. The purpose of the list is to help potential local and global private-sector partners organize their time and resources to make sure Ontario gets innovative and competitive bids for its P3 infrastructure projects, indicates a release.

One of the announcements made during today’s event was that IO will be using a new, Progressive P3 procurement strategy for upcoming projects including three hospital projects in pre-procurement. This new strategy is in an effort to foster collaboration between the owner and its contracting partner.

During the early design phase of the project, both sides work together to define project requirements, including design, pricing and risk, before entering into a final project agreement, the release explains, adding the approach enables price certainty and helps to lower financial risks for all parties.

Project highlights from the latest P3 Market Update include:

  • Unity Health – St. Joseph’s Health Centre Redevelopment is new to pre-procurement.
  • Kingston Health Sciences Centre – Kingston General Hospital Redevelopment moved to active procurement.
  • Trillium Health Partners Broader Redevelopment – Queensway Health Centre moved to active procurement.
  • Scarborough Subway – Stations, Rail and Systems moved to active procurement.

The Daily Commercial News will have more on this story.

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