Port Mann P3 scuttled by Victoria over lack of private finance

The B.C. Liberal government has ditched plans to build the new Port Mann bridge crossing through a so-called public-private partnership (P3) and will now finance the project directly. That's a dramatic reversal for Victoria which just a few weeks ago announced that it would...

Port Mann bridge partner reports massive losses on toll roads

The key investor behind the public-private partnership building and operating the new ten-lane Port Mann toll bridge today reported a loss of over $1 billion (CAD). Macquarie Group's infrastructure arm took the bath on its toll road assets around the world. " Macquarie...

B.C. P3 lender burning through government loan guarantees

The Belgian-French bank that's supplying the financing to several public-private partnership (P3) projects in British Columbia has exhausted half of the government guarantees it received in a September bailout. Dexia is a financial partner in the Royal Jubilee, Kelowna and...

Macquarie signals huge losses day after P3 mega-bridge announced

Just a day after the B.C. Liberal government announced plans to supersize the new Port Mann bridge crossing comes news that the project's private partner is facing major write-downs on its other infrastructure funds and equity investments. In an operating update released...

B.C. government bails out Port Mann P3

There's a lot of questions being raised about the future of using so-called public-private partnerships to provide major infrastructure projects like the Port Mann Bridge and Highway 1 expansion. Just yesterday, the treasurer of California argued that the P3 model Governor...