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10| INFRASTRUCTURE PROJECTS "WHAT'S NEW FOR MANY CANADIAN DEVELOPMENT AND CONSTRUCTION COMPANIES IS THESE PROJECTS WILL INVOLVE THE INVESTMENT OF EQUITY. FOR A LOT OF CANADIAN COMPANIES THIS WILL BE A BIT OF A NEW PLAY." come more streamlined and more efficient over the years, says Borduas, noting that it has become Canadianized, whereas in the earlier days, for example, Québec's Highway 30 in 2008, it was more akin to a cut and paste of the United Kingdom documentation. Moving forward, "it's likely, the documentation could become simpler and better adapted to smaller projects." The CCPPP has produced a P3 Guide for Municipalities, distributed to 1,200 municipalities across the country, says Romoff, "to assist them in re-thinking the model in order for it to be an effective vehicle to deliver smaller projects." Borduas says an emerging trend in P3s is the development of a secondary market. "Over the past couple of years we've seen a number of initial sponsors divest themselves of the assets once the design/build/finance phase is complete and the asset is operational. Infrastructure and pension funds have demonstrated their interest in investing in the equity of P3 projects, which are at the operating stage. Provinces like British Columbia and Ontario, where you find most of the "mature" projects, should see a good number of secondary market transactions in the coming years." EXPORT CANADIAN EXPERTISE A number of Canadian development com- panies are pursuing P3 opportunities in the US, which lags Canada in the use and development of the P3 model, says Mackay, who recently moved her practice from Toronto to Tory's New York City office. In part, the slow uptake of the P3 model "has been due to the traditional ways many US infrastructure projects have been financed." For example, "taxfree municipal bonds have often been used to finance infrastructure, which can obviate the need for a P3 program," she says. "But with the fiscal difficulties that some jurisdictions are experiencing, there's more interest in P3s." International companies are also assessing the potential for increased P3 activity in the US, she says. "A number of international companies have become quite active in the Canadian P3 market and set up shop here, primarily international companies from the UK and Europe, but also from Australia. They're now using Canada as a springboard to the US." Rocco Sebastiano, a partner in the Construction and Infrastructure Group at Osler, Hoskin & Harcourt LLP, sees opportunity for Canadian P3 expertise to be exported, but it's not going to be easy sailing and will require patience. "While a number of US states are looking at embracing the P3 model, many would need to implement legislative changes in order to permit P3 models to be adopted," he says; for example, "where federal funds are being used to fu restri a des sign/ tenan in di imple Ha P3 p Texas (deliv using there "B velop these equit will b "To p type playe vestm const MO Still, er vi could for C sicot Infra Gray Lexpert®Ranked Lawyers Brown, Darryl J. Gowling Lafleur Henderson LLP (416) 369-4581 darryl.brown@ gowlings.com Mr. Brown's practice focuses on infrastructure, P3 and construction law. He drafts and negotiates project agreements, construction contracts, operating agreements and other contracts, and regularly represents sponsors, operators and design-builders. ROB-Infrastructure.indd 10 Brown, QC, Geoffrey E.J. Stewart McKelvey (709) 570-8845 gbrown@ stewartmckelvey.com Mr. Brown practises construction litigation including design-build contracts, tender disputes and heavy site works. He also advises owners, lenders and municipalities on commercial developments including zoning and environmental issues. Bugden, Lydia Bursey, David W. Callaghan, Frank S. Carson, Lorne W. Clark Stewart McKelvey (902) 420-3372 lbugden@ stewartmckelvey.com Bull, Housser & Tupper LLP (604) 641-4969 dwb@bht.com Borden Ladner Gervais LLP (416) 367-6014 fcallaghan@blg.com Osler, Hoskin & Harcourt LLP (403) 260-7083 lcarson@osler.com Stikem (416) rclark Ms. Bugden's experience embraces project financing, land assembly and regulatory matters on energy projects; M&A, financing, restructuring and governance for corporations; and bilateral and syndicated credit facilities for banking clients. Mr. Bursey's regulatory practice focuses on energy, environmental assessment, water resource management and First Nations law. He advises natural resource industry clients, First Nations and government agencies. Mr. Callaghan's corporate practice focuses on project finance, securities, M&A, corporate finance and commercial transactions. He represents domestic and foreign companies, shareholders, issuers, banks and asset-based lenders. Mr. Carson, also an engineer, focuses on domestic and international project development, as well as bank and capital markets financing in the infrastructure, electrical power and other sectors. His experience embraces multi-party and joint ventures. 13-08-06 9:56 AM Mr. C law p PPPs joint v He ha client virtua secto numb client

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