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
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
SYS-CON Events announced today that StarNet Communications will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. StarNet Communications’ FastX is the industry first cloud-based remote X Windows emulator. Using standard Web browsers (FireFox, Chrome, Safari, etc.) users from around the world gain highly secure access to applications and data hosted on Linux-based servers in a central data center. ...
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
As the world moves toward more DevOps and Microservices, application deployment to the cloud ought to become a lot simpler. The Microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. Serverless computing is revolutionizing computing. In his session at 19th Cloud Expo, Raghav...