On Oct. 9, 2020, Canada Infrastructure Bank announced its intention to provide $407.5 million in funding to a Special Purpose Vehicle (SPV) supported by the Province of Alberta and eight Irrigation Districts to create more than 200,000 additional irrigable acres. The funding for the initiative was in total $815 million with the Province providing a grant of $244.5 million and the Irrigation Districts investing in aggregate $163 million. The deal reached financial close on Dec. 21, 2020. The funding will be put towards a series of irrigation projects that will build new irrigation infrastructure and increase water storage capacity in southern Alberta.
Canada Infrastructure Bank centres on attracting and co-investing with private sector and institutional investors in infrastructure projects that are in the public interest. The Bank has a particular focus on investments in agriculture. Its initial focus will be large-scale irrigation projects in Western Canada.
Osler, Hoskin & Harcourt LLP advised Canada Infrastructure Bank with a team consisting of
Dana Saric,
Chris Bennett (financial services),
Frank Turner,
Allan Morgan (corporate),
Sander Duncanson (regulatory, environmental, Aboriginal and land),
Paula Olexiuk (construction and infrastructure),
Shawn Denstedt,
Brad Wall (special advisors),
Luke Stretch (real estate).
MMH Lawyers LLP acted for the SPV.
Norton Rose Fulbright Canada LLP also acted for the SPV with a team led by
Doug Buchanan,
and which included
Lincoln Mitchell,
Lara Mason,
Mathew Longstaff,
Ryan Taylor.
Witten LLP and the Government of Alberta’s irrigation districts internal lawyer acted for the Province of Alberta.
See the news release of Osler, Hoskin & Harcourt LLP here.