Aecon consortium reaches financial close on Finch West Light Rail Transit project
TORONTO, May 7, 2018 /CNW/ - Aecon Group Inc. (TSX: ARE) announced today that Mosaic Transit Group has reached commercial and financial close on the previously disclosed Finch West Light Rail Transit (LRT) project in Toronto. The total contract is valued at $2.5 billion, which includes $1.2 billion of construction costs.
Mosaic Transit Group is comprised of Aecon, ACS Infrastructure Canada Inc. and CRH Canada Group Inc. and was previously selected by Metrolinx and Infrastructure Ontario as the preferred proponent for the project. Construction team members include Aecon, Dragados Canada Inc. and Dufferin Construction Company – a division of CRH Canada Group Inc. Aecon has a 33.3 per cent interest in equity and construction and a 50 per cent interest in the 30-year maintenance agreement for the LRT.
Mosaic Transit Group will be responsible to design, build, finance and maintain the 11-kilometre LRT that will run in a semi-exclusive lane along Finch Avenue. This consists of a below-grade terminal stop at Humber College; 16 surface stops; as well as an underground interchange station at Keele Street that connects with the new Finch West Subway Station on the Toronto-York Spadina Subway Extension. The project also includes a maintenance and storage facility for the light rail vehicles and other required components, such as trackworks, signaling, communications, and public realm infrastructure.
"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," said John M. Beck, President and Chief Executive Officer, Aecon Group Inc. "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."
About Aecon
Aecon Group Inc. (TSX: ARE) is a Canadian leader and partner-of-choice in construction and infrastructure development. Aecon provides integrated turnkey services to private and public-sector clients in the Infrastructure and Industrial sectors, and provides project management, financing and development services through its Concessions segment. For more information, please visit aecon.com and follow us on Twitter at @AeconGroup.
Statement on Forward-Looking Information
The information in this press release includes certain forward-looking statements. These forward-looking statements are based on currently available competitive, financial and economic data and operating plans but are subject to risks and uncertainties. Forward-looking statements may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, ongoing objectives, strategies and outlook for Aecon. Forward-looking statements, may in some cases be identified by words such as "will," "plans," "believes," "expects," "anticipates," "estimates," "projects," "intends," "should" or the negative of these terms, or similar expressions. In addition to events beyond Aecon's control, there are factors which could cause actual or future results, performance or achievements to differ materially from those expressed or inferred herein including, but not limited to: the timing of projects, unanticipated costs and expenses, general market and industry conditions and operational and reputational risks, including Large Project Risk and Contractual Factors. Readers are referred to the specific risk factors relating to and affecting Aecon's business and operations as filed by Aecon pursuant to applicable securities laws. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Aecon undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE Aecon Group Inc.
Investor Relations, Stephen King, (416) 297-2600 x3825, [email protected]; Media Relations, Nicole Court, (416) 297-2600 x3824, [email protected]
Share this article