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The project will be delivered using an Alternative Financing and Procurement (AFP) model, which is similar to the UK's Public Private Partnership model.
Hospital Infrastructure Partners will now work with Infrastructure Ontario, the Ministry of Health and Long-Term Care and Halton Healthcare Services to finalise contract details. The project is expected to reach financial close this Summer.
Carillion expects to invest some £28 million of equity in the project and will also be a member of the joint venture that will carry out the construction work and provide facilities management and life-cycle maintenance services over the 30-year concession period that together are expected to generate approximately £390 million of revenue for Carillion.
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Construction, which will begin immediately after financial close and be completed in 2015, is expected to create jobs in the community and stimulate economic development in the region.
The new hospital will be a state-of-the-art facility providing a full range of health services. It will be designed and built to meet the Canada Green Building Council’s Leadership in Energy and Environmental Design (LEED®) rating system, with a goal of achieving LEED® Silver certification. LEED® buildings focus on healthy indoor environments, reduced greenhouse gas emissions and efficient use of energy, water and other resources.
Commenting, Carillion Chief Executive, John McDonough, said: "We are delighted to have been selected as the preferred bidder for this important new hospital, which further reinforces our position as a leader in delivering Public Private Partnership projects in Canada, particularly in the health sector. We look forward to working with Infrastructure Ontario and Halton Healthcare Services to achieve financial close and then to deliver this new state of the art hospital, for which we will also provide facilities management and maintenance services."
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