Canada Infrastructure Bank completes C$1.28B investment in Réseau Express Métropolitain project
On September 28, 2018, Canada Infrastructure Bank ("CIB") completed a C$1.28 billion senior secured term loan facility to complete financing for the Réseau Express Métropolitain ("REM") project in Montreal. The project involves the construction of an automated light rail network across the greater Montreal area, spanning 67 kilometres and including 26 stations. It is the largest public transit project undertaken in Quebec in the last 50 years.
The loan, which has a 15-year term, is the first investment made by CIB and will complete the REM project's C$6.3 billion financing. CDPQ Infra, a subsidiary of Caisse de dépôt et placement du Québec, and the Government of Quebec have also invested in the project. Construction began in April 2018 and the first trains are scheduled to begin running in 2021.
CIB is a Canadian crown corporation that co-invests in infrastructure projects, specifically in public transit, trade and transportation, and green infrastructure.
McCarthy Tétrault LLP advised CIB with a team led by Mathieu Dubord that included Marc Dorion, Marjolaine Hémond Hotte, Étienne Guertin and Eve Tessier (Business) and Jocelyn Perreault (Bankruptcy & Restructuring).
