Stoney CNG transit bus garage and storage facility reaches financial close at C$174 million

On September 13, 2016 the City of Calgary announced that it had reached financial close for the Stoney Compressed Natural Gas (CNG) Bus Storage and Transit Facility by way of a P3 DBFM model. The need for the facility was identified in Calgary Transit’s Calgary Transportation Plan, to support the city’s growth for the next 30 years. It will provide storage and maintenance space for Calgary Transit’s new fleet of CNG buses as well as diesel buses that are currently stored outside the City’s other bus garages. It will be capable of housing a minimum of 424 buses, 36 maintenance bays, two steam bays and an on-site compressed natural gas fuelling infrastructure. This will be the first CNG transit bus storage and maintenance garage delivered through a P3 model in North America and the first project brought to market by the City of Calgary using the PPP Canada funding and framework. Fasken Martineau advised the lenders on the transaction with a team led by Brian Kelsall, and including Ella Plotkin, Sean Morley, Marc Lefler and Aine O’Connor.