Applications halve for P3 Canada Fund
The number of projects applying to the federal institution for government funding is less than half the amount announced for the third round which received 121 applications.
"In Round Four we had a more targeted approach with workshops identifying priority sectors and focusing on the quality of the applications received. And we are seeing clear messages about the fact we have these priority sectors," said Lisa Mitchell, the Fund's director of strategy. "[The figures] bode well for the Canadian market as a greater number of jurisdictions have a better understanding of the P3 model and the types of projects that make for good P3s."
70% of Round Four applications fall into four priority sectors that will stimulate economic growth: transportation, water/wastewater, solid waste disposal and brownfield redevelopment projects. Applications from municipalities remained as strong as in previous rounds, with 32 out of the total, said Mitchell.
Projects will now go through a screening process, with those selected announced in the autumn. Screened projects will then move on the P3 business case development phase.
To date, the Fund has announced more than $107m in funding commitments under Rounds One and Two to seven projects. Two of the Round Three’s first approved projects were announced this week: Coquitlam’s Lincoln Station and a biosolids energy centre, both in British Columbia.
The P3 Canada Fund was set up in 2009 to allot $1.2bn over five years to public infrastructure projects, which can receive up to 25% of the cost of construction through non-repayable contributions, repayable contributions, loans or loan guarantees.