Fengate Reaches Financial Close on Largest Infrastructure Project in Edmonton’s History
Fengate has reached financial close on the Valley Line Light Rail Transit – Stage 1 project in Edmonton, Alberta. Fengate is a member of TransEd Partners consortium, the group selected to design, build, finance, operate, maintain and supply vehicles for The Valley Line – Stage 1, which will be delivered using a public-private partnership (P3) model. TransEd Partners are Fengate, Bechtel, Bombardier and EllisDon. Fengate is an equity investor for the project on behalf of a group of institutional investors.
“We are excited to be a part of such an important P3 project in Edmonton. This expansion will have a tremendous positive affect on all transportation routes within and outside of Edmonton,” George Theodoropoulos, Managing Director, Infrastructure.
The Valley Line is a significant part of the City of Edmonton’s transportation plan. It will cater to the demands of one of Canada’s fastest growing cities, which is expected to increase in population by 50% by 2040. The proposed multi-staged, 27-kilometer urban route will include 25 new stops and three stations, serving an estimated 100,000 daily commuters. The transit line will run southeast to west from Mill Woods to Lewis Farms, crossing through Edmonton’s downtown core.
The Valley Line LRT – Stage 1 project encompasses the 13.1 km, 11-stop, 1-station portion of the system between Mill Woods and 102 Street, connecting commuters with the Capital Line and Metro Line at Churchill Station. The project is on schedule to commence construction in mid-2016.
With expertise in development and financing, Fengate has experience investing in infrastructure and power generating projects across North America and select international markets. The addition of the Valley Line project to Fengate’s infrastructure portfolio increases its total project value to $12 billion.