Last month, the Canadian province of British Columbia decided, after a protracted and closely-watched procurement process, to drop the use of a PPP concession for the Port Mann/Highway 1 project.
The province has salvaged the fixed-price engineering, procurement and construction (EPC) contract that came with the proposed P3 concession. But despite floating numerous tweaks, and offering to lend to the project itself, the province and sponsor Macquarie could not reach terms on a concession.
The project was large and complex, and came to market at exactly the worst time for such a credit. But despite the circumstances, Partnerships BC, the province's adviser, insists that debt markets were not to blame for the abandonment of the concession. "We were unable to reach an agreement with Macquarie on several issues, it was more a matrix of things," says Larry Blain, its chief executive.
The province now estimates the cost of the...
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