Canada Infrastructure Bank has reached an agreement with CDPQ Infra to provide the final CA$1.28bn needed to complete the financing for construction of the 67km, high-frequency network, which will have 26 stations.
The CDPQ consortium includes SNC Lavalin, Dragados Canada, Aecon, Pomerleau, EBC and Aecom.
"We are pleased to participate in the funding of this important public infrastructure project," said Pierre Lavallée, president and CEO of Canada Infrastructure Bank. "Public transit is one of our priority areas. Our role is to invest alongside private sector and institutional investors, and other public-sector partners to facilitate the development of strategic projects like the REM."
"We are very pleased to welcome the Canada Infrastructure Bank as a partner in the REM project. With this $1.28-billion investment, the REM's financing is now fully completed,” said Macky Tall, president and CEO of CDPQ Infra. “The construction of the project is progressing well and will intensify in the fall.”
Construction of the REM began in April 2018. The first trains are scheduled to run in the summer of 2021.
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