Podcast
Topic
Public-Private Partnerships in Canada (60.48 min)
LAWYER(S)
Now that Canada has several successful PPP projects constructed and operating, has had projects commenced under the PPP model but converted to other models, and has weathered the financial crisis, this panel discussion reflected on lessons learned and the future of the PPP model in Canada.
Watch our video, with our expert panel provide their insights from the public and private sectors into the future of PPP in Canada and answer questions such as, what are the barriers to future successes of the PPP model in the Canadian context and what are the real value drivers for PPP?
Panellists:
James Bennett
Investment Director
John Laing
James is the Investment Director for Canada of John Laing Investments.
James heads up Laing's Canadian office and is based in Toronto. He is responsible for all business development and is responsible for ensuring the satisfactory performance of all projects. James played a leading role in the securing of Abbotsford and Vancouver Hospitals and played a leading role with the consortium in the winning and financing of the Kelowna Vernon Hospitals project.
James joined Laing in 2006 from Carillion where he was involved exclusively with PFI projects in the UK and latterly in Canada, closing two major P3 hospital transactions in Ontario. Prior to that he was involved in the major hospital schemes at Oxford and Portsmouth in the UK.
Jim Cahill
Vice-President, Project Finance
Infrastructure Ontario
Jim brings over 20 years of corporate lending, structured finance, project finance and private debt syndication experience to his role as Vice President, Project Finance. His extensive financing and debt syndication experience includes project financing, public sector financing, mortgage bond investments, mid-market commercial loans, private lease securitization and others.
Jim spent his early career at Mutual Life Canada. Working on a wide range of corporate loan and private placement transactions and held several progressive positions. He joined Canada Life in 1998 in a senior position within the Canadian private placement group and introduced Canada Life to mid-market secured term lending and private lease securitization. Later, as Assistant Vice-President at Manulife, he was instrumental in establishing Manulife as a key player in the Canadian private placement market. In 2006, he joined Stonebridge to lead and grow the Structured & Project Finance group and successfully brought Stonebridge into hospital financing.
Jim joined Infrastructure Ontario for the opportunity to apply his Project Finance expertise and make Ontario a better place with more modern infrastructure.
Bert Clark
Managing Director & Canadian Head
Global Infrastructure Finance
Scotia Capital
Bert joined Scotia Capital's Infrastructure Advisory Group in January 2008
Previously, Bert was significantly involved in the infrastructure sector through various roles including most recently as Senior Vice President of Projects for Infrastructure Ontario where he led the establishment of the agency and directed the overall financing strategy for a multi-billion dollar infrastructure program
From 2003 to 2005, Bert acted as Senior Policy Advisor to the Premier of Ontario. He introduced the concept of P3s, directed the development of capital budgeting plans and managed the launch of several P3s
Prior to 2003, Bert spent five years at Osler, Hoskin & Harcourt LLP, in their business law group
Edward Ng
Vice President, Infrastructure Advisory
Ernst & Young Orenda Corporate Finance
Edward is a Vice President in the Infrastructure Advisory group at Ernst & Young Orenda Corporate Finance. He focuses on providing transaction support and lead advisory services in the execution of infrastructure financing and public-private partnerships (PPPs). He has over 6 years experience in PPPs and has been involved in all aspects of transactions, including process structuring, development of evaluation criteria, conducting commercial and financial evaluations, constructing/analyzing public sector comparator and shadow bid models, and facilitating financing competitions. He has worked on AFP/PPP projects across Canada, some of which include New Oakville Hospital, Centre for Addiction and Mental Health, Royal Jubilee Hospital, Surrey Memorial Hospital, MGS New Data Centre, Durham Consolidated Courthouse, and Sea-to-Sky Highway.
Catherine Deluz
Vice President - Senior Credit Officer
Moody's Investor Services
Catherine joined Moody's Toronto office in May 2006 as Vice President, Senior Analyst in the project finance team.
Catherine focuses on infrastructure and project finance, including Public Private Partnerships.
Prior to joining Moody's, Catherine worked at Royal Bank of Canada for 19 years, most recently in Corporate Banking, structuring credit facilities in the utilities and infrastructure sector.
Moderator:
Merie-Anne Beavis - Moderator
Partner, Infrastructure/Public-Private Partnerships
Ogilvy Renault LLP
Merie-Anne E. Beavis focuses on infrastructure, public private partnerships, project finance and bank financing. Her public private partnerships experience includes acting for public and private sector participants as well as lenders in a variety of projects including courthouses, hospitals, roads and schools. Her project finance experience involves acting for lenders and governments in several mine financings. She also has experience in financing and public bonds for public-sector projects, as well as project financings in the electricity industry.
Explanation of terms/acronyms used in this video:
DBFM - means a project where the private sector partner agrees to design, build, finance and maintain the relevant project assets.
Mini-Perm - this is a form of financing that is available for a term that is shorter than the project term ( for example a 7 year financing term for a project that has 32 year term). It is riskier than a financing put in place for the full project term because it will be necessary to either renew or obtain replacement financing at then market rates at the end of the financing
Monoline - this is a form of insurance that guarantees the timely repayment of bond principal and interest. It has not been used widely for PPP projects in Canada.
Secondary Investors - these are investors who buy all or part of the equity investment in a PPP project while the project is in the operations phase (i.e., after construction is complete.)
