Caisse Says Rail Project to Cost C$5.9 Billion With New Stations
Caisse de Depot et Placement du Quebec will add three new stations to its proposed light-rail network in the Montreal area, boosting the total cost of the project by 7.3 percent to C$5.9 billion ($4.4 billion).
The Caisse now expects to contribute C$3.1 billion of the total cost, C$100 million more than previously planned, according to a statement Friday. The Caisse is Canada’s second-largest public pension fund manager, with about C$255 billion of net assets under management as of June 30.
The decision to proceed with the project depends on the financial participation of the governments of Quebec and Canada, the Caisse said. Quebec remains committed to participate in the project’s financing, Transport Minister Laurent Lessard said Friday.
Reseau Electrique Metropolitain, as the light rail line will be called, would link downtown Montreal, the city’s western districts, suburbs on the south shore of the St. Lawrence River and the Trudeau International Airport. The three new stations would all be located in downtown Montreal—including one on McGill College Avenue, in the heart of the city’s business district.
Construction will probably begin next year, with service beginning at the end of 2020, the Caisse also said Friday.
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