Aecon consortium reaches financial close on the Highway 401 Expansion project in the Greater Toronto Area
Aecon Group Inc. has announced that West Corridor Constructors has reached financial close on the Highway 401 Expansion project in the Greater Toronto Area (GTA). The total contract is valued at $639.8 million.
West Corridor Constructors, selected by Infrastructure Ontario (IO) and the Ministry of Transportation Ontario (MTO) to design, build and finance the project, is a consortium comprised of Aecon (50 percent), Parsons (30 percent) and Amico (20 percent).
Aecon's share of the contract value will be added to its Construction segment backlog in the second quarter of 2019. Construction is expected to commence in the fourth quarter of 2019, with anticipated substantial completion in the fourth quarter of 2022.
The Highway 401 Expansion is an approximately 18-kilometre reconstruction and widening project in the western part of the GTA, from the Credit River in Mississauga to Regional Road 25 in Milton, consisting of two 10-lane segments, two 12-lane core collector systems and median High Occupancy Vehicle (HOV) lanes. The scope of work also includes bridge reconstruction and replacement, structural culvert replacements, drainage and utilities work, as well as ecological restoration.
"As a leader in civil construction and alternative financing, Aecon has played a critical role in the development of the province's transportation infrastructure," said Jean-Louis Servranckx, President and Chief Executive Officer, Aecon Group Inc. "Along with our partners, Parsons and Amico, we are pleased to work with Infrastructure Ontario and the Ministry of Transportation to deliver this significant project which will ultimately reduce traffic congestion and improve quality of life for commuters along the GTA corridor."
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