The CIB intends to catalyze and accelerate the development of trade and transportation infrastructure to support more efficient corridors to domestic and international markets, by providing high leverage, low-cost and long-term financing to qualifying projects.
The Montreal Port Authority (the “Public Sponsor” or the “MPA”) manages the Port of Montreal (the “Port”), the second largest port in Canada and one of the largest container ports on the Eastern Seaboard.
The Port has experienced steady growth in container traffic. The current container handling terminals on the Island of Montreal are expected to reach full capacity in the next decade. As a result, and concurrently with its ongoing efforts to redevelop and optimize its Montreal facilities, the MPA is pursuing the development of the Contrecœur Container Terminal, on its property in Contrecœur, located approximately 40 kilometres downstream from Montreal (the “Project”).
The Contrecœur Container Terminal will have an annual capacity of 1.15 million TEU. The Project includes the construction of a 675-metre dock for two berths to accommodate vessels in excess of 6,000 TEU. The Project also includes a container yard and handling area, an intermodal rail yard, support facilities, rail and road accesses and a truck control area.
The possibilities of expansion beyond the scope of the current Project over a long-term horizon as well as opportunities to create a logistics hub for international commerce make the Project an exciting steppingstone for the MPA’s future activities.
On November 23, 2021, the MPA issued a request for qualifications for the design, build, financing, operation, and maintenance of the Contrecœur Container Terminal. The MPA intends to select a maximum of three qualified respondents that will be invited to participate in the request for proposals for the Project. The MPA plans to issue the request for proposals for the Project in April 2022, and select a preferred proponent for the Project (the “Preferred Proponent”) in March 2023.
The CIB has provided a commitment to the MPA for a facility for up to $300 million in financing available to the Preferred Proponent.
The CIB is seeking to engage the most suitable lender’s technical advisor (the “LTA”) to (i) assist the CIB with the review of the procurement documentation, (ii) independently assess of compliance with legal requirements, including the environmental assessment, and (iii) confirm the reasonableness of the construction schedule, the detailed capex plan, the risks related to construction and operation of the proposal of the Preferred Proponent.
