Aecon team achieves financial close on Finch West LRT project in Canada

WCN Editorial Team 10 May 2018 NORTH AMERICA TRANSPORT INFRASTRUCTURE

Mosaic Transit Group, a consortium consisting of Canadian construction company Aecon Group, ACS Infrastructure Canada and CRH Canada Group, has reached commercial and financial close on the Finch West Light Rail Transit (LRT) project in Toronto, Canada.

The total contract is valued at C$2.5bn ($1.92bn), which includes C$1.2bn ($925.35m) of construction costs.

Earlier, Mosaic Transit Group has been selected by Metrolinx and Infrastructure Ontario as the preferred proponent for the project.

Construction team members include Aecon, Dragados Canada and Dufferin Construction – a division of CRH Canada Group.

Aecon has a 33.3% interest in equity and construction and a 50% interest in the 30-year maintenance agreement for the Light Rail Transit.

Mosaic Transit Group will be responsible for designing, building, financing and maintaining the 11km LRT that will run in a semi-exclusive lane along Finch Avenue.

This will consist of a below-grade terminal stop at Humber College; 16 surface stops; as well as an underground interchange station at Keele Street that will connect with the new Finch West Subway Station on the Toronto-York Spadina Subway Extension.

The project will also include a maintenance and storage facility for the light rail vehicles and other components such as track works, signalling, communications, and public realm infrastructure.

Aecon Group president and CEO John Beck said: “The Finch West LRT is another significant project win for Aecon in recent months, reflecting our strong reputation with clients and our proven ability to deliver first-rate results.

“Aecon is a partner-of-choice and a key player in delivering Canada’s unprecedented transit build-out.

“This award highlights our demonstrated ability delivering large-scale, complex transit solutions and the strength of our backlog in the infrastructure segment.

“The Finch West LRT will significantly enhance Toronto’s transit system and we look forward to working with Metrolinx, Infrastructure Ontario and our partners to connect communities for years to come.”

Aecon provides integrated turnkey services to private and public sector clients in the infrastructure and industrial sectors. Its concessions segment provides project management, financing and development services.

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