Flaman, Derek S.
Torys LLP
(403) 776-3759
dflaman@torys.com
Mr. Flaman's practice
focuses on M&A, joint
ventures and project de-
velopment in the oil and
gas industry. His clients
include private-equity funds,
exploration and production
companies, institutional
lenders, and midstream and
downstream companies.
Ford, Daniel A.
Torys LLP
(416) 865-7372
dford@torys.com
Mr. Ford's practice focuses
on public infrastructure
and project finance, acting
for lenders, sponsors and
governments. His experi-
ence includes over 25 PPP
and AFP projects, and a
number of commercial
construction and project
development transactions.
Fowler, Bruce E.
Borden Ladner Gervais LLP
(416) 367-6194
bfowler@blg.com
Mr. Fowler focuses on lend-
ing and project finance. He
provides project financing
advice and services to clients
engaged in the development,
financing or acquisition of
power, infrastructure, and
alternative financing and
procurement projects.
Fontaine, Mireille
Gowling Lafleur
Henderson LLP
(514) 392-9444
mireille.fontaine@gowlings.com
Ms. Fontaine is a recog-
nized expert in the areas
of M&A,PE and VC in
Canada and internation-
ally. She also specializes in
complex commercial agree-
ments, partnerships and JVs
particularly in cleantech
and medical devices.
Fortier, Michael J.
Torys LLP
(416) 865-8147
mfortier@torys.com
Mr. Fortier's infrastructure
and energy practice focuses
on environmental and Ab-
original law aspects of finance
and M&A transactions,
as well as project develop-
ment. He has considerable
experience in navigating
complex permitting issues.
Freitag, Shane
Borden Ladner Gervais LLP
(416) 367-6137
sfreitag@blg.com
Mr. Freitag is the Toronto
Co-Chair of BLG's Elec-
tricity Markets Group. He
assists clients in the procure-
ment and development of
electricity and infrastructure
projects including key
underlying agreements
and regulatory approvals.
MUNICIPAL P3S
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reached financial close. e vast majority
are at the provincial level (166), while 12
are at the federal level and 47 on the mu-
nicipal front. Of these 225 projects, 133 are
operational, 60 under construction and 32
in procurement.
"e traditional vernacular to describe a
P3 is some combination of 'Design, Build,
Finance, Operate and Maintain' (DB-
FOM)," says Doyle. "What's different from
many federal and provincial projects is that
the 'O' and 'M' are really key in the munici-
pal sector; the private sector is engaged in
the whole package, so it's actually quite a
different risk profile. e 'OM' in a munici-
pal P3 is oen the entire operation of the
project — not just a facilities management
role. For a waste treatment facility, for ex-
ample, this impacts both the design and the
concession period, and there is more lim-
ited expertise in the private sector for such
specialized services."
FINANCIAL DISPARITY
In April, PPP Canada announced it was
accepting applications under Round Seven
of the renewed P3 Canada Fund. To date,
$1.3 billion in investments has been an-
nounced to support projects across the
country in provincial, territorial, mu-
nicipal and First Nations infrastructure
through the fund. Many of these applica-
tions will be from municipalities.
ere is also a wide disparity in the finan-
cial states of municipalities, "so one of the
stabilizers, and in fact the flattening of the
playing fields, has been, and will continue to
be, PPP Canada, providing funds, procure-
ment expertise, and standardization of the
procurement documents," says Greg South-
am, a Toronto-based partner with Davies
Ward Phillips & Vineberg LLP.
Funds from PPP Canada are typically in-
jected at the front end of the project, South-
am explains, making them available for pay-
ments during the construction period or
as substantial completion payments. is
is critical, he says, since municipalities rely
on a relatively fixed tax base, and the fund-
ing from PPP Canada decreases the load on
this tax base and allows the financial com-
mitment of a municipality to be spread out
over time.
Southam says for the private sector –
lenders, construction companies, private
equity, developers – this funding ensures a
level of certainty about how the project will
unfold. "I don't know whether these proj-
ects would be able to go forward without
this money and expertise."
SMALL PROJECTS
POSE CHALLENGES
Romoff says the size of the project matters
when municipalities consider P3s, tradi-
tionally seen to be feasible in the $100-mil-
lion range or larger, yet as municipal proj-
ects come on the horizon, they are oen
much smaller.
"ey really are all over the map depend-
ing on the type of P3 model chosen and the
sector. To put municipal projects into per-
spective, the Brockton Water & Wastewa-
