Caisse de dépôt et placement du Québec Infra (CDPQ Infra) is set to receive a C$1.28bn ($980m) loan from Canada Infrastructure Bank for the Réseau express métropolitain (REM) project in Montreal.

CDPQ Infra has signed a business agreement, subject to final documentation, to procure the 15-year senior secured loan.

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The latest investment will complete the REM project’s $6.3bn ($4.8bn) financing.

CDPQ Infra president and CEO Macky Tall said: “We are very pleased to welcome the Canada Infrastructure Bank as a partner in the REM project. With this C$1.28bn investment, the REM’s financing is now fully completed.

“The construction of the project is progressing well and will intensify in the fall.”

“Our role is to invest alongside private sector and institutional investors, and other public-sector partners to facilitate the development of strategic projects.”

Once completed, the 67km REM light rail network will connect downtown Montréal, the South Shore, the West Island (Sainte-Anne-de-Bellevue), the North Shore (Laval and Deux-Montagnes) and the airport. Overall, the network will feature 26 stations.

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Construction works on the REM have already commenced, with services expected to start from 2021.

Following this investment by Canada Infrastructure Bank, CDPQ Infra’s equity stake in the REM project will be around 70%, while the Government of Québec will hold the remaining 30%.

Canada Infrastructure Bank president and CEO Pierre Lavallée said: “Public transit is one of our priority areas. Our role is to invest alongside private sector and institutional investors, and other public-sector partners to facilitate the development of strategic projects like the REM.”

In February, CDPQ Infra awarded two contracts for the development of the REM project.

The first contract of engineering, procurement and construction (EPC) was awarded to the Groupe NouvLR consortium, while the rolling stock, systems, operation and maintenance (RSSOM) contract was won by PMM consortium.