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February 3, 2016

Ontario’s second green bond benefits two transit projects

Canada's Ontario Government has issued its second green bond, raising C$750m ($547m), to support environmentally friendly, low-carbon infrastructure projects.

Canada’s Ontario Government has issued its second green bond, raising C$750m ($547m), to support environmentally friendly, low-carbon infrastructure projects.

The proceeds from the bond will help fund eight projects, improving transit and creating jobs in communities.

The government is investing more than C$134bn ($97bn) over ten years in public infrastructure development projects, which would create 110,000 jobs every year across the province.

"These investments will help to manage congestion, connect people to jobs and improve the economy and residents’ quality of life."

Eglinton Crosstown light rail transit (LRT) and GO Transit Regional Express Rail are the two rail-related projects to benefit from the bonds, under which Crosstown LRT will receive up to C$402m ($291m) to help with construction of the project.

Approximately C$200m ($145m) will be allocated to GO Regional Express Rail to help reduce greenhouse gas emissions by using electricity instead of diesel in trains and LEED gold-level certification for all Regional Express Rail stations and facilities.

Ontario minister of transportation Steven Del Duca said: "Green bonds build on our track record of infrastructure investments and support this government’s commitment to priority transit projects.

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"These investments will help to manage congestion, connect people to jobs and improve the economy and residents’ quality of life."

Last July, Bombardier won a $308m contract from the Crosslinx Transit Solutions Maintenance General Partnership consortium, to provide 30 years of maintenance on Flexity Freedom light rail vehicles.

The trains will be operated on the new Toronto Eglinton Crosstown line in Canada.

Crosslinx will maintain the entire system on behalf of the winning consortium responsible for designing, financing, building and maintaining the 19km-long transit line.

Under the authority of Metrolinx, the Crosstown LRT project is part of the C$5.3bn ($4.3bn) investment in integrated transportation and transit in the GTHA made by the Ontario government in 2010.

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