P3 Market Update supports economic growth and job creation
TORONTO – The Ontario government is investing in critical infrastructure projects – such as hospitals, long-term care facilities, broadband, and transit – to help ensure Ontarians across the province have the services and supports they need to be happy, healthy, and successful. Today, the Province released Infrastructure Ontario’s (IO) latest P3 Market Update, highlighting 38 major infrastructure projects that use the public-private partnership (P3) model.
The P3 Market Update, released quarterly, is a list of public projects in the pre-procurement and procurement stages for which Ontario has committed investments. The list helps potential local and global private-sector partners organize their time and resources to make sure Ontario gets robust, innovative, and competitive bids for its P3 infrastructure projects.
“Our government remains committed to sharing the P3 Market Update on a quarterly basis, demonstrating our commitment to protecting people’s health and creating new jobs by investing in key infrastructure projects,” said Kinga Surma, Minister of Infrastructure. “These infrastructure investments in health care, highways, new public transit options and other community projects help improve our quality of life and contribute to economic growth in communities across the province.”
IO is using a new, Progressive P3 procurement strategy to enable certain upcoming projects. Three hospital projects in pre-procurement in the current Market Update will use the strategy, which fosters collaboration between the owner and its contracting partner. During the early, design phase of the project, both sides work together to define project requirements, including design, pricing and risk, before entering into a final Project Agreement. The progressive approach provides many benefits for government and taxpayers, including enabling price certainty and helping to lower financial risks for all parties.
Highlights from the latest P3 Market Update include:
- Unity Health – St. Joseph’s Health Centre Redevelopment is new to pre-procurement.
- Kingston Health Sciences Centre – Kingston General Hospital Redevelopment moved to active procurement.
- Trillium Health Partners Broader Redevelopment – Queensway Health Centre moved to active procurement.
- Scarborough Subway – Stations, Rail and Systems moved to active procurement.
“IO is recognized around the world for its success in delivering projects through its made-in-Ontario P3 program,” said Michael Lindsay, President & CEO of Infrastructure Ontario. “It has earned that reputation by adapting and expanding on its approaches to suit the realities of a changing marketplace and the expanding and evolving infrastructure needs of government.”
The Fall 2021 P3 Market Update affirms the Ontario government’s commitment to investing in and supporting P3s and public infrastructure projects. Many of the projects were also included in the 2021 Budget, Ontario’s Action Plan: Protecting People’s Health and Our Economy.
The Ontario government is continuing to build and modernize our province through significant infrastructure investments. Our infrastructure projects are creating the foundation for long-term economic growth and supporting jobs and recovery so that Ontario can bounce back stronger than ever.
- The Fall 2021 P3 Market Update includes a total of 13 projects in planning, 23 in pre-procurement and 15 in active procurement, valued at an estimated $60 billion in contract value.
- The projects in the Fall 2021 P3 Market Update are part of the government’s total $145.4 billion in planned infrastructure investments over the next 10 years.
- Infrastructure Ontario (IO), a Crown agency overseen by the Minister of Infrastructure, is responsible for delivering projects under Ontario’s P3 model.
- To find out more about projects in your community, visit the Ontario Builds map.
Source Province of Ontario