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Aecon consortium identified as First Negotiations Proponent for the GO Rail Expansion - On-Corridor Works project in Ontario

Feb 23, 2022

Toronto, Ontario – February 23, 2022: Aecon Group Inc. (TSX: ARE) announced today that ONxpress Transportation Partners has been identified by Infrastructure Ontario (IO) and Metrolinx as the First Negotiations Proponent to design, build, operate and maintain the GO Rail Expansion - On-Corridor Works project in the Greater Toronto Area (GTA). The project will electrify and transform the GO rail network into a system that will deliver two-way, all-day service. ONxpress Transportation Partners is a consortium comprised of Aecon, FCC Construcción S.A. (FCC), Deutsche Bahn International Operations GmbH and Alstom. Aecon holds a 50 per cent interest in a civil joint venture with FCC, which is undertaking the construction, and a 28 per cent interest in a 25-year operations and maintenance partnership with Deutsche Bahn International Operations.

Identification of the First Negotiations Proponent is the first step in the negotiations process. Upon successful conclusion of the process, ONxpress Transportation Partners would proceed towards Commercial Close, which is expected in the coming months. Early works and a two-year collaborative development phase are expected to commence in the second quarter of 2022, with operations and maintenance anticipated to commence in the second quarter of 2024.

“We are pleased to bring our preeminent and multidisciplinary expertise to this transformational project that will significantly improve regional rapid transit service across the GTA, with increased frequency, faster trains, additional stations and seamless connections,” said Jean-Louis Servranckx, President and Chief Executive Officer, Aecon Group Inc. “This is one of the largest transportation investments in Canada and we are proud to work with Infrastructure Ontario, Metrolinx and our partners to deliver this world-class, sustainable project.”

About Aecon

As a Canadian leader in construction and infrastructure development with global expertise, Aecon Group Inc. (TSX: ARE) strives to be the number one Canadian infrastructure company and is proud to be recognized as one of the Best Employers in Canada. Aecon safely, profitably, and sustainably delivers integrated solutions to private and public-sector clients through its Construction segment in the Civil, Urban Transportation, Nuclear, Utility, and Industrial sectors, and provides project development, financing, investment and management services through its Concessions segment. Join our online community on Twitter, LinkedIn, Facebook and Instagram @AeconGroup.

Statement on Forward-Looking Information

The information in this press release includes certain forward-looking statements. These forward-looking statements are based on currently available competitive, financial and economic data and operating plans but are subject to risks and uncertainties. In addition to events beyond Aecon's control, there are factors which could cause actual or future results, performance or achievements to differ materially from those expressed or inferred herein, as discussed in greater detail in Section 13 – “Risk Factors” in the Management’s Discussion and Analysis filed on February 25, 2021. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Aecon undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law. 

For further information:

Adam Borgatti
SVP, Corporate Development and Investor Relations

Nicole Court
Vice President, Corporate Affairs