TORONTO,
Feb. 23, 2022 /CNW/ -
Aecon Group Inc. (TSX: ARE) announced today that ONxpress
Transportation Partners has been identified by Infrastructure
Ontario (IO) and Metrolinx as the First Negotiations Proponent to
design, build, operate and maintain the GO Rail Expansion -
On-Corridor Works project in the Greater
Toronto Area (GTA). The project will electrify and transform
the GO rail network into a system that will deliver two-way,
all-day service. ONxpress Transportation Partners is a consortium
comprised of Aecon, FCC Construcción S.A. (FCC), Deutsche Bahn
International Operations GmbH and Alstom. Aecon holds a 50 per cent
interest in a civil joint venture with FCC, which is undertaking
the construction, and a 28 per cent interest in a 25-year
operations and maintenance partnership with Deutsche Bahn
International Operations.
Identification of the First Negotiations Proponent is the first
step in the negotiations process. Upon successful conclusion of the
process, ONxpress Transportation Partners would proceed towards
Commercial Close, which is expected in the coming months. Early
works and a two-year collaborative development phase are expected
to commence in the second quarter of 2022, with operations and
maintenance anticipated to commence in the second quarter of
2024.
"We are pleased to bring our preeminent and multidisciplinary
expertise to this transformational project that will significantly
improve regional rapid transit service across the GTA, with
increased frequency, faster trains, additional stations and
seamless connections," said Jean-Louis
Servranckx, President and Chief Executive Officer, Aecon
Group Inc. "This is one of the largest transportation
investments in Canada and we are
proud to work with Infrastructure Ontario, Metrolinx and our
partners to deliver this world-class, sustainable project."
About Aecon
As a Canadian leader in construction and infrastructure
development with global expertise, Aecon Group Inc. (TSX: ARE)
strives to be the number one Canadian infrastructure company and is
proud to be recognized as one of the Best Employers in Canada. Aecon safely, profitably, and
sustainably delivers integrated solutions to private and
public-sector clients through its Construction segment in the
Civil, Urban Transportation, Nuclear, Utility, and Industrial
sectors, and provides project development, financing, investment
and management services through its Concessions segment. Join our
online community on Twitter, LinkedIn, Facebook and Instagram
@AeconGroup.
Statement on Forward-Looking Information
The information in this press release includes certain
forward-looking statements. These forward-looking statements are
based on currently available competitive, financial and economic
data and operating plans but are subject to risks and
uncertainties. In addition to events beyond Aecon's control, there
are factors which could cause actual or future results, performance
or achievements to differ materially from those expressed or
inferred herein, as discussed in greater detail in Section 13 –
"Risk Factors" in the Management's Discussion and Analysis filed on
February 25, 2021. Except as required
by applicable securities laws, forward-looking statements speak
only as of the date on which they are made and Aecon undertakes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise, except as required by applicable law.
SOURCE Aecon Group Inc.