The $274.5 million Campbell River Hospital project takes shape in this image taken March 30

North Island Hospitals Project wins another financing award

Recognizes excellence, achievement and innovation in energy and infrastructure finance

Honours are rolling in once again for the North Island Hospitals Project as it won the North American Social Infrastructure/PPP Deal of the Year at the gala IJGlobal Americas Awards ceremony in New York March 12.

“Congratulations to Island Health, the North Island Hospitals Project team, Tandem Health Partners and Partnerships BC for this well-deserved recognition,” said Comox Valley MLA Don McRae. “The two new state-of-the-art acute-care hospitals will provide quality, safe patient care, and help attract and retain health-care professionals to mid- and North Island region communities.”

Over 550 market professionals attended the ceremony, which recognizes excellence, achievement and innovation in energy and infrastructure finance. The awards were judged by a panel of industry experts.

“Island Health is very pleased to accept the North American Social Infrastructure award from IJGlobal,” said NIHP Chief Project Officer Tom Sparrow. “We believe the best approach to meeting the health care needs of all residents of the mid- and north Vancouver Island regions is through designing, building, maintaining and partially financing the two new state-of-the-art hospitals in the Comox Valley and Campbell River.”

The $606.2 million North Island Hospitals Project includes a new $331.7 million, 153-bed Comox Valley Hospital in Courtenay on Lerwick Road near Ryan Road, and a new $274.5 million, 95-bed Campbell River Hospital on the existing hospital site at 375 – 2nd Avenue. Both hospitals are scheduled for completion by late 2017.

“The continued support and guidance from the Province of British Columbia, Ministry of Finance and Ministry of Health; and Partnerships BC, has made this award-winning process possible,” said Island Health Board Chair Don Hubbard. “Their assistance truly ensured accountability to all of our stakeholders.”

The LEED (Leadership in Energy and Environmental Design) Gold standard North Island Hospitals Project represents the first time a green bond issue has been used to fund a public-private partnership (PPP) in North America and the first time such a bond has been issued to finance public infrastructure in Canada.

The green bond raised $231.5 million, and was oversubscribed by investors, setting an impressive benchmark for future investments in green infrastructure in the province. The IJGlobal Americas Awards were presented by Infrastructure Journal and Project Finance Magazine, a London-based publication tracking global infrastructure markets.

“North Island Hospitals is an important project for Vancouver Island and we are proud to be part of the team bringing it to fruition,” said Rick Taylor, president Infrastructure Investments for Balfour Beatty Investments North America.

The award marks the second time the North Island Hospitals Project (NIHP) has been recognized for innovation and excellence in public-private partnerships. Last November the project won the Silver Award for Infrastructure Sustainability from the Canadian Council for Public-Private Partnerships (CCPPP).