Location: Regina, SK
Design-Build Entities: Carmacks Enterprises Ltd.; Parsons Canada, Ltd.; Graham Infrastructure LP; Vinci Infrastructure Canada Limited
Project Co. Entities: Connor, Clark & Lunn GVest Traditional Infrastructure Limited Partnership; Graham Capital Partners LP; Parsons Canada, Ltd.; Vinci Infrastructure Canada Limited
The Regina Bypass was a $1.88 billion public-private partnership project led by a consortium that includes Graham Capital and Graham. It was the first transport infrastructure project to be completed using the P3 delivery model in Saskatchewan, and the largest transportation infrastructures project in the province’s history. The scope of work included the design, financing, construction, operations, and maintenance of 61 km of the 4-lane highway over a term of 30 years. With 37 km of a 4-lane highway and 12 interchanges to be built, and an additional 24 km to refurbish, the project encompassed about 400 lane-kilometres worth of work.
Graham was one of the lead partners in the JV organization: Regina Bypass Design Builders (“RBDB”). RBDB was responsible for the design and construction of the Regina Bypass’ infrastructure works and ensuring project completion for turnover to operations and maintenance. The infrastructure works includes, but is not limited to the following:
- Utility diversions;
- Temporary works and detours;
- Earthworks including stripping, embankments, subgrade, and landscaping;
- Drainage, culverts, and ponds;
- Bridges, including piling, substructure, and superstructure;
- Roadworks, including subbase, paving and line painting;
- Intelligent Transportation System(s);
- Signalization; and
- Electrical and lighting.
For the infrastructure works, RBDB was also responsible for the full delivery of the project from initial design, planning and procurement to turnover of the infrastructure for maintenance
Graham Capital was Co-Lead Developer, Equity Investor (37.5%), and Finance Lead that led the consortium to a successful financial close. Graham Capital provided strategic direction to the consortium throughout the bid process and structured a fully committed financing plan at bid submission, consisting of a short-term revolving credit facility and long-term bonds (amortizing and bullet). As a testament to Graham Capital’s financing approach, the project reached financial close within 60 days of being announced preferred proponent.
The finance team, led by Graham Capital, utilized an innovative short-term bank facility as an isolated rehabilitation facility so that it would not become a critical path item to achieving substantial completion. Thus, the brownfield rehabilitation work could be completed at any time during the construction period or the first two years of operations, before being paid off by sculpted rehabilitation payments from the client.
Saskatchewan Ministry of Highways & Infrastructure