Lexpert®Ranked Lawyers
14 | P3 Realities
Fougere, Kevin
Torys LLP
(403) 776-3746
kfougere@torys.com
Mr. Fougere advises
corporations and
fi nancial institutions on
a wide range of energy
and infrastructure
fi nancing transactions,
including project
fi nancings; high-yield
bonds; term loans;
cross-border and
acquisition fi nancings.
Ford, Daniel A.
Torys LLP
(416) 865-7372
dford@torys.com
Mr. Ford's practice
focuses on public
infrastructure &
project fi nance, acting
for sponsors, lenders
and governments.
His experience
includes some 25
PPP & AFP projects,
including Mackenzie
Valley Fibre Link and
Waterloo LRT, Eglinton
Crosstown LRT.
Freitag, Shane
Borden Ladner
Gervais LLP
(416) 367-6137
sfreitag@blg.com
Mr. Freitag's practice
embraces the
electricity, natural gas
and water sectors
across Canada.
He is involved in
the development of
various infrastructure
projects including
the procurement
and negotiation of
key agreements and
regulatory approvals.
Gagnon, Nicolas
Lavery, de Billy, L.L.P.
(514) 877-3046
ngagnon@lavery.ca
Mr. Gagnon's
construction and surety
law practice embraces
infrastructure and
institutional projects,
including PPPs, and
focuses on contracts,
procurement, default
remedy and litigation.
He acts for owners,
surety companies,
engineers &
contractors.
Furlan, Stephen
McCarthy Tétrault LLP
(416) 601-7708
sfurlan@mccarthy.ca
Mr. Furlan's project
fi nance and secured
lending practice
services lenders on
PPP, infrastructure and
power project fi nancing.
His PPP experience
includes bridges
and hospitals.
Garrett, Crae
Norton Rose Fulbright
Canada LLP
(403) 267-8254
crae.garrett@
nortonrosefulbright.
com
Mr. Garrett's
transaction-based
business law
practice focuses
on infrastructure,
energy, resources
and mining in Canada,
Africa and the CIS.
He represented First
Solar Inc. on the
development and
sale of 95 MW of
solar power projects.
tive to large retail investors looking to park large sums out-
side the stock market.
But with more projects and smaller projects coming
online, smaller investors are gaining access through infra-
structure funds that market the equity or through publicly
marketed bonds.
Lewis says infrastructure funds typically spread the risk
over multiple projects, "figuring one or two might go bad,
but one or two might go better.
"My guess is with all those infrastructure funds out there,
it's probably resulted in a lower cost for equity because peo-
ple might be prepared to accept a target rate of 8 or 9 per
cent with the risk spread over multiple projects.
"So my guess is over time, since P3s started here about 15
years ago, that the rate of return for equity in a P3 has prob-
ably gone down reflecting the fact the risk is spread and the
structure has become more templated, with the risk transfer
is seen as largely the same from project to project. The market
is maturing, and people know what to expect."
Lower financing costs may, in turn,
help open the door even further.
As public-private partnerships be-
come more familiar in Canada,
smaller cities and rural municipali-
ties are beginning to move into the
space that used to be dominated by
Ottawa and the provinces.
"There are still huge megaprojects
but there are fewer of them than
there were over the past decade —
in part because larger projects have
been completed in provinces that use the P3 model," says
Carol Pennycook, a partner at Davies Ward Phillips &
Vineberg LLP in Toronto. "So we're seeing a lot of smaller
municipal projects in different areas.
"There have been several waste water projects, for ex-
ample, transportation-related projects much smaller than
"The costs of running a bid project – putting the project paperwork
into place, getting all the approvals that are necessary, First Nations
consultations issues where required – are the same whether
it's a $10-billion project or a $10-million project. You still have
to go through all those steps. The costs don't really change."
– CRAE GARRETT, NORTON ROSE FULBRIGHT CANADA LLP
