Southwest Calgary Ring Road

Location: Calgary, AB


The Southwest Calgary Ring Road was built between Highway 8 (near Elbow Springs Golf Course) and Macleod Trail S.E. The project includes the reconstruction of Glenmore Trail between Sarcee Trail and east of 37 Street S.W. It consists of 31 kilometres of six- and eight-lane divided highway, 14 interchanges, 47 bridges, one road flyover, one railway crossing (flyover), one culvert set, one tunnel, and three river crossings over the Elbow River and Fish Creek.

The Southwest Calgary Ring Road enhances the safe, efficient movement of goods and people in and around Calgary, reducing overall traffic congestion and providing effective routes for commercial vehicles taking goods across the province, country and to foreign ports.


Graham Capital was Co-Lead Developer, Equity Investor (25%) (through one of its managed funds), and supported the finance work stream that led the consortium to a successful and efficient financial close. Graham Capital provided strategic direction to the consortium, client meetings and commercial discussions amongst the consortium and lenders.

At the time, the SWCRR project was one of the few infrastructure projects in Canada to adopt a bank/bond hybrid financing structure, which featured long-term bonds, a short-term revolving credit facility as well as a 15-year medium-term loan facility. The required coordination among two underwriters, a club of four bank lenders, a sole medium-term lender, and four equity sponsors throughout the process was a testament to the diligence and professionalism of the project delivery team on all facets of the transaction.

The Gold Medal Award for Financing was awarded to the Southwest Calgary Ring Road project in 2016 by the Canadian Council for Public-Private Partnerships. The Awards Panel noted this project involved unique brownfield, greenfield and complex financing which was its most innovative feature.

Contract Value

$1.4B CAD

Prime Consultant


Project Owner

Alberta Transportation

Contract Format


Completion Date

Oct 2021

Contract Duration

60 months