Liricon Capital and Plenary Americas have filed an Enhanced Unsolicited Proposal to proceed from Phase 3, Development, to Phase 4, Design for the Calgary Airport – Banff Rail (CABR) project in Canada.
The proposal has been submitted to the Government of Alberta’s Ministry of Transportation (Alberta Transportation), Invest Alberta Corporation (Invest Alberta), and the Canada Infrastructure Bank (CIB)
With this progression, the project will enter the fifth and final phase, Construction and Implementation.
Structured as a public-private-partnership (P3), the proposal aims to receive financing from private and institutional capital as well as the CIB.
The P3 will contribute all of the $1.18bn (C$1.5bn) in capital expenses, along with the management of the system.
With the potential to be powered by hydrogen, the new rail system is expected to be completed by 2025.
The CABR system will comprise seven stops and run on a new, dedicated passenger line established within the existing CP Rail freight corridor.
These seven stations include Calgary Airport, Calgary Keith, Calgary Downtown, Cochrane, Morley (Stoney Nakoda), Canmore and Banff.
During the conceptual stage of planning, in 2018 Alberta Transportation concluded the studies in connection with the ridership and capital cost while CIB in 2019-2020 during the feasibility phase.
Before filing the proposal, Liricon/Plenary included a private sector development perspective to these studies.
Liricon/Plenary plans to work with the Government of Alberta to hold discussions with Indigenous communities in the Bow Valley about the project, during the design stage.
The firms will also gather input and consult the municipalities to ensure the project receive support in the future.
CABR project will utilise low carbon technologies, including hydrogen-driven rolling stock.
This project will support the Banff National Park Net Zero 2035 Initiative.
In July this year, the Government of Alberta’s Ministry of Transportation (Alberta Transportation), Invest Alberta and the Canada Infrastructure Bank (CIB) entered into a detailed memorandum of understanding to advance with the CABR project.