Plenary Americas receives three honors at annual P3 Awards

P3 Bulletin recently held a virtual event for their 2020 P3 Awards, and Plenary came home a winner. We were recognized in three categories and were honored to have both our company and our projects lauded for their outstanding efforts in 2020.

Sponsor/Developer of the Year – Winner: Plenary Americas

Plenary has continued its leadership of the P3 model across the Americas, with a current portfolio of 53 projects, worth more than USD$16 billion. The judges welcomed Plenary’s continued leadership of the P3 industry, underlining our strong record of supporting P3 market development in both the US and Canada. They described Plenary’s acquisition of the OMERS healthcare portfolio while managing Caisse de depot et placement du Quebec’s acquisition of our operational business as a “remarkable feat”, especially in the context of the Covid-19 pandemic.

Best Social Infrastructure Project – Winner: Corner Brook Acute Care Hospital, Canada

The Corner Brook Acute Care Hospital Project includes the design, construction, financing and maintenance of a 50,000 square-metre, seven-storey, 164-bed acute care hospital facility located on a greenfield site in Corner Brook, Newfoundland and Labrador. The judges were impressed with the cost-effective approach to what was clearly a technically challenging environment. They were also pleased to see that this transaction had achieved savings of 12% over traditional procurement.

Best Road Project – Highly Commended: Belle Chasse Bridge and Tunnel Replacement Project, USA

The Belle Chasse Bridge and Tunnel Replacement Project is the first P3 for the Louisiana Department of Transportation and Development (LaDOTD) and includes the construction of a new four-lane, free-flow fixed-span bridge crossing the Gulf Intracoastal Waterway on LA 1 in Plaquemines Parish, Louisiana. This route is currently served by an aging tunnel and moveable bridge, both of which are past their useful lives and have an extensive backlog of deferred major maintenance needs. The judges felt this project deserved recognition for its pioneering procurement approach, as well as for being the first greenfield revenue risk P3 to use privately placed debt. As a first transaction for the LaDOTD, it also represents an important pathfinder in the state and region.