Welcome!

News Feed Item

North Island Hospitals Project green bond issue a first

VICTORIA, BRITISH COLUMBIA -- (Marketwired) -- 07/02/14 --


NEWS RELEASE
For Immediate Release
2014FIN0023-000901
July 2, 2014

Ministry of Finance
Ministry of Health

North Island Hospitals Project green bond issue a first

A green bond has been issued to finance the North Island Hospitals Project, Minister of Finance Michael de Jong announced today.

This is the first time a green bond has been used to fund a public-private partnership project in North America and the first time a green bond has been issued to finance public infrastructure in Canada. The 32.3-year bond was issued by Tandem Health Partners, the consortium delivering the North Island Hospitals Project, and raised about $231.5 million.

The issue was oversubscribed by investors attracted by the strength of B.C.'s triple-A credit rating as B.C. is the provider of annual service payments to Tandem Health Partners. Buyers were well distributed across insurance companies and fund managers, with both traditional buyers of public-private partnership project bonds participating as well as a number of new buyers. This successful issuance allows B.C. to provide leadership in a new and emerging green bond market in Canada.

Tandem Health Partners will deliver the North Island Hospitals Project including a new hospital in Campbell River and a new hospital in the Comox Valley. The hospitals will result in quality patient care delivered in modern acute care facilities for North Island residents.

The North Island Hospitals Project has been assessed as green by Altus Group Limited (Altus Group), an industry-respected consultant and technical advisor for public- and private-sector infrastructure projects. The B.C. government set the technical criteria for the development of the North Island Hospitals Project. The technical criteria, which include LEED gold certification, energy and greenhouse gas targets, along with the B.C. Climate Action Plan, provided the foundation to classify the project as green.

In April 2014, Tandem Health Partners was named the selected proponent for the North Island Hospitals Project. Negotiations followed and a fixed-price contract agreement to design, build, partially finance and maintain the new hospitals has been signed by Island Health and Tandem Health Partners. The agreement comes after three pre-qualified proponents were shortlisted in April 2013 for the Request for Proposal stage of the competitive bid process. An extensive evaluation of proposals resulted in Tandem Health Partners named as the selected proponent.

The $606.2-million North Island Hospitals Project is being cost-shared by the Province (60%) and the Comox Strathcona Regional Hospital District (40%).

A copy of the third-party report done by the Altus Group is available by contacting: [email protected]

Quotes:

Michael de Jong, Minister of Finance -

"B.C. is a national and global leader in delivering public infrastructure in a way that provides an attractive market for business, while protecting taxpayers from cost overruns or scheduling delays. Green bonds are just one more example of how B.C. is leading the way in developing innovative ways to help fund public infrastructure, adding another dimension of social and environmental responsibility for projects."

Terry Lake, Minister of Health -

"Government has set the bar high for LEED Gold certification with these two hospitals, and we're ensuring that they meet stringent energy-efficient qualifications including targets for energy reduction and greenhouse gas emissions. With these requirements, this project is supporting environmental sustainability, and at the same time, ensuring the best care for families living on the North Island now, and well into the future."

Matt Dekkers, vice-president, Tandem Health Partners -

"We are delighted to be selected by the government of British Columbia to work in partnership with Island Health to deliver this important project in the North Vancouver Island communities of Comox Valley and Campbell River. Working collaboratively with all interested stakeholders, Tandem Health Partners looks forward to the successful completion of these hospitals which will provide first rate health care services to support the communities of North Vancouver Island."

Sean St. John, executive vice-president, co-head and MD, fixed income, National Bank -

"National Bank Financial was privileged to act as lead underwriter on the first green public- private partnership bond issued in North America. In particular, we were very pleased to be able to assist the Province of British Columbia in achieving recognition of green principles that are built into the requirements on the North Island Hospitals Project."

Quick Facts:


--  The new Comox Valley hospital will have capacity for 153 beds and be
    built near the corner of Lerwick and Ryan roads in Courtenay.
--  The Comox Valley work will create approximately 1,000 direct jobs and
    over 750 indirect jobs in industries supplying goods and services used
    in construction.
--  The new Campbell River hospital will have 95 beds and be built at the
    existing hospital site on the corner of 2nd Ave. and Birch St.
--  The Campbell River work will create approximately 900 direct jobs and
    over 650 indirect jobs in industries supplying goods and services used
    in construction.
--  Both new hospitals will continue to provide the same acute-care services
    currently being delivered at the Campbell River and Comox Valley
    hospital sites.
--  Construction will begin in July 2014 with both hospitals ready for
    patient move-in by late 2017.

The Tandem Health Partners team includes:


--  Balfour Beatty Investments LP
--  Gracorp Capital Advisors Ltd.
--  Connor Clark & Lunn GVest Traditional Infrastructure LP
--  Graham Design Builders LP
--  Farmer Construction Ltd.
--  Stantec Inc.
--  Blue Cottage Consulting
--  Honeywell International Inc.
--  Balfour Beatty Communities.

Underwriters:


--  National Bank Financial
--  Bank of Nova Scotia

Learn More:

NIHP website: http://nihp.viha.ca/

Partnerships BC: http://www.partnershipsbc.ca

A backgrounder follows.

Connect with the Province of B.C. at: www.gov.bc.ca/connect


BACKGROUNDER
For Immediate Release
2014FIN0023-000901
July 2, 2014

Ministry of Finance
Ministry of Health

Green bonds: investments with a green conscience


--  Green bonds are similar to traditional bonds, but the proceeds are used
    exclusively for projects with environmental benefits.
--  Examples of green bond eligible projects are renewable energy projects,
    wastewater treatment or energy-efficient buildings.
--  Green bonds were first introduced in 2008 by the World Bank.
--  The global market for green-labelled bonds has been steadily growing and
    is expected to reach $25 billion in 2014. Bank of America estimates
    market growth of up to $40 billion in 2014 as the market had already
    reached $13 billion as of June 2014.
--  Current international green bond issuers include the World Bank,
    International Finance Corporation, European Bank for Reconstruction and
    Development, European Investment Bank, and State of Massachusetts.
--  In January 2014, a consortium of internationally recognized global banks
    outlined principles for green bonds. The North Island Hospitals Project
    green bond conforms to all the green bond principles outlined in the
    document, which is available here:
    http://www.ceres.org/resources/reports/green-bond-principles-2014-
    voluntary-process-guidelines-for-issuing-green-bonds/view.

Green bonds in Canada:


--  The North Island Hospitals Project green bond will be the first green
    bond for a public- private partnership project in North America and the
    first green bond for public infrastructure in Canada.
--  The green bond market is in the early stages of development in Canada.
--  Export Development Canada issued Canada's first USD green bond in
    January 2014, while TD Bank issued the first CAD green bond from a bank
    in March 2014.
--  The Province of Ontario plans to launch a multi-year green bond program
    this year. Some private-sector renewable energy projects in Ontario and
    Quebec have been funded by green bonds.

Connect with the Province of B.C. at: www.gov.bc.ca/connect

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2016 Silicon Valley. The 19th Cloud Expo and 6th @ThingsExpo will take place on November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Interne...
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abil...
Digital innovation is the next big wave of business transformation based on digital technologies of which IoT and Big Data are key components, For example: Business boundary innovation is a challenge to excavate third-party business value using IoT and BigData, like Nest Business structure innovation may propose re-building business structure from scratch, as Uber does in the taxicab industry The social model innovation is also a big challenge to the new social architecture with the design fr...
Whether they’re located in a public, private, or hybrid cloud environment, cloud technologies are constantly evolving. While the innovation is exciting, the end mission of delivering business value and rapidly producing incremental product features is paramount. In his session at @DevOpsSummit at 19th Cloud Expo, Kiran Chitturi, CTO Architect at Sungard AS, will discuss DevOps culture, its evolution of frameworks and technologies, and how it is achieving maturity. He will also cover various st...
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, provided tips on how to be successful in large scale machine learning...
If you had a chance to enter on the ground level of the largest e-commerce market in the world – would you? China is the world’s most populated country with the second largest economy and the world’s fastest growing market. It is estimated that by 2018 the Chinese market will be reaching over $30 billion in gaming revenue alone. Admittedly for a foreign company, doing business in China can be challenging. Often changing laws, administrative regulations and the often inscrutable Chinese Interne...
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Creating replica copies to tolerate a certain number of failures is easy, but very expensive at cloud-scale. Conventional RAID has lower overhead, but it is limited in the number of failures it can tolerate. And the management is like herding cats (overseeing capacity, rebuilds, migrations, and degraded performance). Download Slide Deck: ▸ Here In his general session at 18th Cloud Expo, Scott Cleland, Senior Director of Product Marketing for the HGST Cloud Infrastructure Business Unit, discusse...
In his session at @ThingsExpo, Kausik Sridharabalan, founder and CTO of Pulzze Systems, Inc., will focus on key challenges in building an Internet of Things solution infrastructure. He will shed light on efficient ways of defining interactions within IoT solutions, leading to cost and time reduction. He will also introduce ways to handle data and how one can develop IoT solutions that are lean, flexible and configurable, thus making IoT infrastructure agile and scalable.
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at EMC, will introduce a methodology for capturing, enriching and sharing data (and analytics) across the organizati...
Internet of @ThingsExpo has announced today that Chris Matthieu has been named tech chair of Internet of @ThingsExpo 2016 Silicon Valley. The 6thInternet of @ThingsExpo will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
Video experiences should be unique and exciting! But that doesn’t mean you need to patch all the pieces yourself. Users demand rich and engaging experiences and new ways to connect with you. But creating robust video applications at scale can be complicated, time-consuming and expensive. In his session at @ThingsExpo, Zohar Babin, Vice President of Platform, Ecosystem and Community at Kaltura, will discuss how VPaaS enables you to move fast, creating scalable video experiences that reach your...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...