Bermuda achieves financial close on L.F. Wade Airport redevelopment project
The Government of Bermuda has reached the commercial and financial close on the redevelopment project at the L.F. Wade International Airport in the British island territory.
The new L.F. Wade International Airport redevelopment project (ARP) has been carried out under a framework agreement signed between the government and the Canadian Commercial Corporation (CCC), which is a Crown corporation of the Government of Canada.
CCC chief executive officer and president Martin Zablocki said: “I would like to thank the Government of Bermuda for choosing to work with Canada on the redevelopment of L.F. Wade International Airport, and offer my congratulations on achieving commercial and financial close.
“This government-to-government project embodies the value, trust, and collaboration of the long-standing bilateral relationship between Canada and Bermuda.
“Knowing the positive economic impact a modernised airport can have on Bermuda, CCC is excited to play a key role in the delivery of a world-class, customised solution to meet the needs of Bermudians – for both today, and generations to come.”
To be delivered under a public-private partnership (P3) business model, the ARP project will be developed by Canadian construction company Aecon.
As the private sector partner, Aecon will also be responsible for the financing, long-term operation and maintenance of the L.F. Wade airport project over a concession period of 30 years.
Under the terms of the deal, Bermuda Skyport, a special-purpose project company established by Aecon, will operate and maintain the existing airport, as well as finance, design, develop, operate and maintain the new terminal and related infrastructure.
While work on the redevelopment project is expected to begin in April, the construction of the new terminal at the airport will take nearly 40 months to complete.
Image: The Government of Bermuda reaches financial close on L.F. Wade International Airport redevelopment project. Photo: courtesy of Government of Bermuda.