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2017
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LEXPERT 25
McKenzie, Maria K. Farris, Vaughan, Wills & Murphy LLP
(604) 661-9319 mmckenzie@farris.com
Ms. McKenzie advises the public and private sectors and lenders on all
aspects of the planning, development, procurement and implementation of
infrastructure and construction projects, including public-private partner-
ships. She also advises on other commercial transactions, and other financ-
ing transactions for both lenders and borrowers.
McFadden, QC, David J. Gowling WLG
(416) 369-7243 david.mcfadden@gowlingwlg.com
Mr. McFadden is involved in the development, financing and management
of infrastructure projects. His infrastructure experience encompasses the
transportation, electricity and social infrastructure sectors. Applying his
background in energy and infrastructure, Mr. McFadden is Chair of the Board
of Directors of Toronto Hydro Corp. and 407 International Inc.
McCormick, Timothy Stikeman Elliott LLP
(416) 869-5674 tmccormick@stikeman.com
Mr. McCormick is a partner practising corporate and securities law with an
emphasis on domestic and cross-border mergers and acquisitions, going
private transactions and debt and equity financings in the capital markets.
He is frequently involved in transactions having international aspects and has
assisted in setting up Canadian operations of multi-national corporations.
Massicotte, Etienne Osler, Hoskin & Harcourt LLP
(514) 904-5778 emassicotte@osler.com
Mr. Massicotte's practice embraces infrastructure financing. He has acted
on the financing of the CHUSJ, the Restigouche hospital and on bids relating
to the Montréal acoustic hall, the U of M hospital research centre, the Baie
St-Paul hospital and NBSL.
Massicotte, Alain Blake, Cassels & Graydon LLP
(514) 982-4007 alain.massicotte@blakes.com
Mr. Massicotte has extensive experience in project financing and P3s
having advised the successful consortiums on the CHUM hospital complex
and the CHUM Research Center P3 projects; the lenders to the consortium
that won the autoroute 25 P3 project; and the government of Québec
in connection with the Montréal Symphonic Orchestra concert hall
and the long-term-care facilities.
Martins, Manuel A. Gowling WLG
(519) 575-7542 manuel.martins@gowlingwlg.com
Mr. Martins acts for and advises owners, investors and lenders in the renew-
able energy and infrastructure industry; including purchase, sale, leasing and
financing transactions. He is also a Trustee of Gowling WLG (Canada) LLP.
LEXPERT-RANKED LAWYERS
expertise on Infrastructure projects in which private-
sector or institutional investors are making a significant
investment; to foster evidence-based decision-making
and advise all orders of government on the design of
revenue-generating projects; and to collect and share
data to help governments make better decisions about
Infrastructure investments.
e term "bank" may be a bit of a misnomer, sug-
gests Timothy Murphy, whose practice with McMillan
LLP in Toronto focuses on transactions with a public
component. "Really what this is, is … an enabler of large
[government-funded] Infrastructure projects to pro-
ceed in partnership with large pension funds," and to
encourage them to invest in Canada, Murphy says.
Some critics see the proposed Infrastructure Bank as
redundant, given the existence of the Crown corpora-
tion PPP Canada and its P3 Canada
Fund — a merit-based program that en-
courages P3 innovation and "inexperi-
enced governments" to consider P3s in
public Infrastructure procurements.
To date, the government hasn't shared
with the Infrastructure community how
the proposed Canada Infrastructure
Bank will work, says Douglas Younger,
chair of Aird & Berlis LLP's national
Infrastructure team in Toronto: "I think
the government so far has been pretty
sketchy in how the Infrastructure Bank
will be structured, and how it will pro-
vide financing. … ere's lots of specula-
tion in the market, and amongst people
in the industry, and quite a bit of skepti-
cism. e mantra you'll hear is that there
is more than enough funding, but not
enough opportunities. It's a solution to
a problem that doesn't exist."
Will the new Canada Infrastructure
Bank replace PPP Canada? What will
its mandate be? "It's been speculated in
the press that it will focus on revenue-
generating projects," Younger says. "It's
also been speculated that this may be a
way of inducing the major funds to in-
vest in green projects."
Younger questions whether there are enough profit-
able Infrastructure projects out there to invest in, noting
that public transit systems are very expensive to build
and dependent on government funding ; as an example,
he points to Toronto's Eglinton Crosstown light rail
transit (LRT) system, now in development, which car-
ries a price tag in excess of $6 billion.
But Murphy believes that the Bank may play a use-
ful role in public transit projects, citing the "classic
example" of Toronto's Union Pearson Express airport
rail link, completed in time for the Pan American and
Parapan American Games held in the city in 2015.
e project was intended to have been a public-pri-
vate partnership between the province of Ontario and
PHOTO:
SHUTTERSTOCK
