OTTAWA, ONTARIO--(Marketwired - March 17, 2017) -
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On March 16, 2016, the Canadian Commercial Corporation (CCC), the Government of Bermuda, and Aecon Group Inc., announced that commercial and financial close had been achieved for the redevelopment of L.F. Wade International Airport in Bermuda.
Under a government-to-government contract between CCC and the Government of Bermuda, CCC will deliver a new, world-class airport terminal and associated infrastructure.
CCC's contract is for the construction of the new airport terminal as part of a Public-Private-Partnership (P3) business model. Aecon, CCC's qualified Canadian sub-contractor and one of Canada's leading construction companies, is responsible for the project's development, financing, and long-term operation and maintenance.
- CCC will subcontract the work to Aecon, a contract valued at US $274 million.
- Construction of the new terminal will begin in April 2017 and is expected to take approximately 40 months.
- CCC and Aecon successfully delivered a new airport project in Quito, Ecuador in 2013 using the same model that will be used in Bermuda. Quito's new Mariscal Sucre International Airport has over a dozen international awards celebrating its innovative design and overall operations efficiency as a leading South American airport.
- The Canadian Commercial Corporation, a Crown corporation of the Government of Canada, is the Government of Canada's international government-to-government contracting organization, helping governments around the world acquire expertise and proven capabilities available for export from Canada.
- Every contract signed by CCC with a foreign government buyer has an inherent guarantee, backed by the Government of Canada, that the terms and conditions of the contract will be met. This helps mitigate the buyer's risks and provides added incentive to procure from Canada.
"This government-to-government contract embodies the value, trust and collaboration of the long-standing bilateral relationship between Canada and Bermuda. Knowing the positive economic impact a modernized airport can have on Bermuda, CCC is excited to play a key role in the delivery of a world-class customized Canadian solution to meet the needs of Bermudians - while working with one of Canada's leading infrastructure firms."
- Martin Zablocki, President and CEO, Canadian Commercial Corporation
"Reaching financial close of this significant agreement has been a long and complex process. We have completed the negotiation of definitive, detailed terms to oversee the project's implementation and I am happy to say that construction of our much needed, new state-of-the-art airport can commence. The Airport Redevelopment Project is one of the most important capital projects ever undertaken on our island shores and will play a crucial role in the recovery of the Bermuda economy."
- The Hon. E.T. Richards JP, MP, Deputy Premier and Minister of Finance, Bermuda
"Through Aecon's select participation in international projects such as the Bermuda Airport Redevelopment Project, we continue our long history of building airports globally to add to our successful roster of experience as concessionaire. The combination of the government-to-government and P3 procurement models is a unique offering brought to the table by CCC and Aecon to facilitate the delivery of a tailor made solution for Bermuda."
- John M. Beck, President and CEO, Aecon Group Inc.
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