Not a lot of change in latest P3 Market Update
There’s not a lot of new in Ontario’s latest P3 Market Update document.
The report, which is the first of 2022, highlights 39 major infrastructure projects with a combined estimated value of $60 billion. That’s almost unchanged from the last update of 2021, when the report listed 38 projects, also with a combined value of $60 billion.
“The market needs certainty, and these P3 quarterly updates provide just that,” said Kinga Surma, Minister of Infrastructure. “The pandemic has presented us with many challenges, but our government has continued to move forward with building and supporting important infrastructure projects to ensure the health and safety of all Ontarians, while also creating new jobs and supporting our economic future.”
Of the projects highlighted in the most recent report, 24 are in pre-procurement and 15 in active procurement. The list also includes 14 previously government-announced projects that are in early stages of planning and determining scope, timing and delivery model.
Three key changes are worth noting in the January market update.
The Yonge North Subway Extension project has been broken up into two packages. The Advanced Tunnel package, which is valued at between $2 billion and $4 billion, will see RFQs and RFPs issued over the course of this year, and contract execution scheduled for the third quarter of 2023.
The Stations, Rail and Systems package, meanwhile, is also valued at between $2 billion and $4 billion, with no further details available.
The Eglinton Crosstown West Extension - Advanced Tunnel (Jane to Mt. Dennis) project has also been broken up into two packages. The Advanced Tunnel (Jane to Mt. Dennis) package, worth up to $500 million, is in active procurement, with an RFP expected in April, and contract execution in the first quarter of next year. The Stations, Rail and Systems package, meanwhile, is in pre-procurement.
Finally, the controversial Bradford Bypass project, which was confirmed by the Ford government in November, has moved into the planning section of the report.
“Ontario's capital plan represents a historic investment in the expansion and improvement of our health care system and transit/broadband networks,” said Michael Lindsay, President & CEO of Infrastructure Ontario. “Infrastructure Ontario looks forward to bringing at least 11 projects to market in 2022, with a further 11 projects proceeding beginning construction by year's end."
The projects listed in this latest update are part of the government’s total $148.1 billion in planned infrastructure investments over the next 10 years.