Toronto, Ontario – May 7, 2018: Aecon Group Inc. (TSX: ARE) announced today that Mosaic Transit Group has reached commercial and financial close on the previously disclosed Finch West Light Rail Transit (LRT) project in Toronto. The total contract is valued at $2.5 billion, which includes $1.2 billion of construction costs.
Mosaic Transit Group is comprised of Aecon, ACS Infrastructure Canada Inc. and CRH Canada Group Inc. and was previously selected by Metrolinx and Infrastructure Ontario as the preferred proponent for the project. Construction team members include Aecon, Dragados Canada Inc. and Dufferin Construction Company – a division of CRH Canada Group Inc. Aecon has a 33.3 per cent interest in equity and construction and a 50 per cent interest in the 30-year maintenance agreement for the LRT.
Mosaic Transit Group will be responsible to design, build, finance and maintain the 11-kilometre LRT that will run in a semi-exclusive lane along Finch Avenue. This consists of a below-grade terminal stop at Humber College; 16 surface stops; as well as an underground interchange station at Keele Street that connects with the new Finch West Subway Station on the Toronto-York Spadina Subway Extension. The project also includes a maintenance and storage facility for the light rail vehicles and other required components, such as trackworks, signaling, communications, and public realm infrastructure.
“The Finch West LRT is another significant project win for Aecon in recent months, reflecting our strong reputation with clients and our proven ability to deliver first-rate results,” said John M. Beck, President and Chief Executive Officer, Aecon Group Inc. “Aecon is a partner-of-choice and a key player in delivering Canada’s unprecedented transit build-out. This award highlights our demonstrated ability delivering large-scale, complex transit solutions and the strength of our backlog in the Infrastructure segment. The Finch West LRT will significantly enhance Toronto’s transit system and we look forward to working with Metrolinx, Infrastructure Ontario and our partners to connect communities for years to come.”
Aecon Group Inc. (TSX: ARE) is a Canadian leader and partner-of-choice in construction and infrastructure development. Aecon provides integrated turnkey services to private and public-sector clients in the Infrastructure and Industrial sectors, and provides project management, financing and development services through its Concessions segment. For more information, please visit aecon.com and follow us on Twitter at @AeconGroup.