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Balfour Beatty consortium takes home the IJGlobal Americas Award for the market-leading transaction in North American Social Infrastructure for 2014
Infrastructure Journal and Project Finance Magazine recently held its IJGlobal Americas Awards event, recognizing the market-leading transactions in infrastructure and energy finance from 2014, and announced the North Island Hospitals project on Vancouver Island, British Columbia, Canada as the honoree in the North American Social Infrastructure category.
As part of the Tandem Health Partners consortium, Balfour Beatty Investments is a key financing partner in the 30 year PPP project on behalf of Island Health that will cover the financing, design, construction, and facilities management for the Campbell River Hospital and Comox Valley Hospital. The other members of Tandem Health Partners include CC&L GVEST Traditional Infrastructure LP, Gracorp Capital Advisors Ltd., Graham Design Builders LP, Honeywell Ltd. and Balfour Beatty Communities. Now under construction, the hospitals will help respond to the rising demand for health services in the North Island region of Vancouver Island.
The LEED Gold standard facilities represent the first time a green bond has been used to fund a public-private partnership project in North America and the first time a green bond has been issued to finance public infrastructure in Canada. The 32.3-year bond raised $231.5 million, and was oversubscribed by investors, setting an impressive benchmark for future investments in green infrastructure in the province.
“North Island Hospitals is an important project for Vancouver Island and we are proud to be part of the team bringing it to fruition,” said Rick Taylor, president Infrastructure Investments for Balfour Beatty Investments North America. “The IJGlobal recognition of our financing efforts is a true testament to the hard work and innovative approach of the Tandem Health Partners team and our collective ability to deliver the best value for our client.”