Aecon joint venture reaches financial close on the Pattullo Bridge Replacement Project in British Columbia
TORONTO, Feb. 10, 2020 /CNW/ - Aecon Group Inc. (TSX: ARE) announced today that Fraser Crossing Partners has reached financial close on the Pattullo Bridge Replacement Project in British Columbia. The total contract is valued at $967.5 million.
Fraser Crossing Partners, selected by the Province of British Columbia to design, build and partially finance the project, is a 50/50 joint venture between Aecon and Acciona. Aecon's share of the contract value will be added to its Construction segment backlog in the first quarter of 2020.
The new four-lane cable-stayed bridge over the Fraser River will provide network connections to New Westminster and Surrey, feature a centre safety median barrier and wider lanes to accommodate both passenger and commercial vehicles, and have dedicated walking and cycling lanes. The project also includes the construction of connecting roadways on the north and south sides of the bridge, grade separations on Highway 17, and the removal of the existing bridge once the new bridge is complete.
Early construction activities are expected to commence in the first quarter of 2020, with the new bridge expected to open in 2023, and full project completion expected in the fourth quarter of 2025, following the removal of the existing bridge.
"This award adds another signature bridge project to Aecon's strong backlog, further diversifying our presence in Western Canada and underscoring our preeminent reputation as a partner-of-choice for delivering critical infrastructure projects nationwide," said Jean-Louis Servranckx, President and Chief Executive Officer, Aecon Group Inc. "The Pattullo Bridge Replacement is one of the largest infrastructure projects in British Columbia and Aecon is pleased to work with Acciona and our valued client to improve the mobility of commuters, cyclists and pedestrians between surrounding communities."
About Aecon
As a Canadian leader in construction and infrastructure development with global expertise, Aecon Group Inc. (TSX: ARE) strives to be the number one Canadian infrastructure company. Aecon safely, profitably and sustainably delivers integrated solutions to private and public-sector clients through its Construction segment in the Civil, Urban Transportation, Nuclear, Utility and Conventional Industrial sectors, and provides project development, financing, investment and management services through its Concessions segment. Join our online community on Twitter, LinkedIn, Facebook and Instagram @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, the failure to recognize and adequately respond to climate change concerns or public and governmental expectations on climate matters, 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.
Adam Borgatti, SVP, Corporate Development and Investor Relations, (416) 297-2610, [email protected]; Nicole Court, Senior Director, Corporate Affairs, (416) 297-2600 x3824, [email protected]
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