Parsons an Equity Partner; USD $1.4B P3 is Saskatchewan’s Largest Infrastructure Project
We’re pleased to celebrate completion of the Regina Bypass, a 40-mile, 4-lane highway near Regina, SK, on October 28, 2019. Completed on schedule and within budget, the bypass will improve motorists’ safety, reduce traffic congestion in and around Regina, and reduce carbon emissions and fuel consumption.
Parsons participated in the design-build joint venture and is an equity participant in the consortium that financed the public-private partnership (P3) project. Following completion, the consortium will provide operations and maintenance for 30 years, in partnership with the Ministry of Highways and Infrastructure.
“P3 delivery is a powerful option for infrastructure owners to leverage private investments to finance, build and operate public assets, ensuring the long-term viability of essential infrastructure,” said Ruth McMorrow, enterprises president for Parsons.
“It’s an honor to continue our legacy of developing and improving Canada’s transportation infrastructure while improving public safety and quality of life for the Regina region,” said Steven Smith, executive vice president of Parsons’ construction center of excellence.
The P3 approach delivered cost saving of USD $285 million for taxpayers compared to constructing the bypass through conventional methods, and sped completion by at least 6 years compared to a traditional build. Parsons’ development partners included VINCI and Graham, and builder partners included VINCI, Carmacks, and Graham.