July 24, 2015

Eglinton Crosstown LRT reaches financial close

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CROSSLINX Transit Solutions, the consortium selected in June by Metrolinx and Infrastructure Ontario to finance, build, and maintain Toronto's Eglinton Crosstown light rail line has reached financial close on the $C 5.3bn ($US 4.3bn) project.

The consortium comprises Aecon, ACS Infrastructure Canada, EllisDon, and SNC-Lavalin and each member is an equal partner in the group with a 25% stake in the alternative financing and procurement (AFP) contract.

Construction is expected to begin in the first quarter of next year and Crosslinx will supply trackwork, signalling, telecommunications and rolling stock for the project. It will also maintain the line for 30 years.

The 25-station line will run along Eglinton Avenue from Mount Dennis (Weston Road) to Kennedy with a 10km underground section between Keele Street and Laird Drive. The line will interchange with 54 bus routes and three metro lines as well as the Go Transit commuter rail network.

Services will operate at an average of 28km/h and the Crosstown LRT is expected to carry 5400 passengers per hour per direction (pphpd) in the peak by 2031, although the line will have a design capacity of 15,000 pphpd.

Financing for the project is being provided by National Bank Financial and Scotia Capital as underwriters together with Alberta Treasury Branches, Caisse Centrale Desjardins, The Bank of Nova Scotia, The Bank of Tokyo-Mitsubishi and Toronto-Dominion Bank as mandate lead arrangers. The Bank of Nova Scotia and National Bank Financial have acted as financial advisors for the project.

 

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