BoI to fund ambitious light rail project in Canada

Bank of Ireland is to be one of the lead arrangers in the Richmond-Airport-Vancouver rail project in Vancouver, Canada.

The Can$1.8bn (€1.2bn) project is to develop a new light rail system from the town of Richmond northwards to central Vancouver, with a link to Vancouver International Airport.

The light rail project is one of the largest PPP projects in Canada to date, and is among the first PPP projects in Canada to be funded by long-term bank finance.

The system will be open in time for the Winter Olympics, which take place in the region in 2010.

Bank of Ireland said today that it had targeted the Canadian Public Private Partnership (PPP) market, due to its experience in PPP/concession financing in Europe, including light rail systems.

The other banks involved in underwriting the Can$600m (€400m) transaction are Société Générale and Norddeutsche Landesbank Girozentrale.