|By Marketwired .||
|July 2, 2014 11:42 AM EDT||
VICTORIA, BRITISH COLUMBIA -- (Marketwired) -- 07/02/14 --
NEWS RELEASE For Immediate Release 2014FIN0023-000901 July 2, 2014 Ministry of Finance Ministry of Health
North Island Hospitals Project green bond issue a first
A green bond has been issued to finance the North Island Hospitals Project, Minister of Finance Michael de Jong announced today.
This is the first time a green bond has been used to fund a public-private partnership project in North America and the first time a green bond has been issued to finance public infrastructure in Canada. The 32.3-year bond was issued by Tandem Health Partners, the consortium delivering the North Island Hospitals Project, and raised about $231.5 million.
The issue was oversubscribed by investors attracted by the strength of B.C.'s triple-A credit rating as B.C. is the provider of annual service payments to Tandem Health Partners. Buyers were well distributed across insurance companies and fund managers, with both traditional buyers of public-private partnership project bonds participating as well as a number of new buyers. This successful issuance allows B.C. to provide leadership in a new and emerging green bond market in Canada.
Tandem Health Partners will deliver the North Island Hospitals Project including a new hospital in Campbell River and a new hospital in the Comox Valley. The hospitals will result in quality patient care delivered in modern acute care facilities for North Island residents.
The North Island Hospitals Project has been assessed as green by Altus Group Limited (Altus Group), an industry-respected consultant and technical advisor for public- and private-sector infrastructure projects. The B.C. government set the technical criteria for the development of the North Island Hospitals Project. The technical criteria, which include LEED gold certification, energy and greenhouse gas targets, along with the B.C. Climate Action Plan, provided the foundation to classify the project as green.
In April 2014, Tandem Health Partners was named the selected proponent for the North Island Hospitals Project. Negotiations followed and a fixed-price contract agreement to design, build, partially finance and maintain the new hospitals has been signed by Island Health and Tandem Health Partners. The agreement comes after three pre-qualified proponents were shortlisted in April 2013 for the Request for Proposal stage of the competitive bid process. An extensive evaluation of proposals resulted in Tandem Health Partners named as the selected proponent.
The $606.2-million North Island Hospitals Project is being cost-shared by the Province (60%) and the Comox Strathcona Regional Hospital District (40%).
A copy of the third-party report done by the Altus Group is available by contacting: [email protected]
Michael de Jong, Minister of Finance -
"B.C. is a national and global leader in delivering public infrastructure in a way that provides an attractive market for business, while protecting taxpayers from cost overruns or scheduling delays. Green bonds are just one more example of how B.C. is leading the way in developing innovative ways to help fund public infrastructure, adding another dimension of social and environmental responsibility for projects."
Terry Lake, Minister of Health -
"Government has set the bar high for LEED Gold certification with these two hospitals, and we're ensuring that they meet stringent energy-efficient qualifications including targets for energy reduction and greenhouse gas emissions. With these requirements, this project is supporting environmental sustainability, and at the same time, ensuring the best care for families living on the North Island now, and well into the future."
Matt Dekkers, vice-president, Tandem Health Partners -
"We are delighted to be selected by the government of British Columbia to work in partnership with Island Health to deliver this important project in the North Vancouver Island communities of Comox Valley and Campbell River. Working collaboratively with all interested stakeholders, Tandem Health Partners looks forward to the successful completion of these hospitals which will provide first rate health care services to support the communities of North Vancouver Island."
Sean St. John, executive vice-president, co-head and MD, fixed income, National Bank -
"National Bank Financial was privileged to act as lead underwriter on the first green public- private partnership bond issued in North America. In particular, we were very pleased to be able to assist the Province of British Columbia in achieving recognition of green principles that are built into the requirements on the North Island Hospitals Project."
-- The new Comox Valley hospital will have capacity for 153 beds and be built near the corner of Lerwick and Ryan roads in Courtenay. -- The Comox Valley work will create approximately 1,000 direct jobs and over 750 indirect jobs in industries supplying goods and services used in construction. -- The new Campbell River hospital will have 95 beds and be built at the existing hospital site on the corner of 2nd Ave. and Birch St. -- The Campbell River work will create approximately 900 direct jobs and over 650 indirect jobs in industries supplying goods and services used in construction. -- Both new hospitals will continue to provide the same acute-care services currently being delivered at the Campbell River and Comox Valley hospital sites. -- Construction will begin in July 2014 with both hospitals ready for patient move-in by late 2017.
The Tandem Health Partners team includes:
-- Balfour Beatty Investments LP -- Gracorp Capital Advisors Ltd. -- Connor Clark & Lunn GVest Traditional Infrastructure LP -- Graham Design Builders LP -- Farmer Construction Ltd. -- Stantec Inc. -- Blue Cottage Consulting -- Honeywell International Inc. -- Balfour Beatty Communities.
-- National Bank Financial -- Bank of Nova Scotia
NIHP website: http://nihp.viha.ca/
Partnerships BC: http://www.partnershipsbc.ca
A backgrounder follows.
Connect with the Province of B.C. at: www.gov.bc.ca/connect
BACKGROUNDER For Immediate Release 2014FIN0023-000901 July 2, 2014 Ministry of Finance Ministry of Health
Green bonds: investments with a green conscience
-- Green bonds are similar to traditional bonds, but the proceeds are used exclusively for projects with environmental benefits. -- Examples of green bond eligible projects are renewable energy projects, wastewater treatment or energy-efficient buildings. -- Green bonds were first introduced in 2008 by the World Bank. -- The global market for green-labelled bonds has been steadily growing and is expected to reach $25 billion in 2014. Bank of America estimates market growth of up to $40 billion in 2014 as the market had already reached $13 billion as of June 2014. -- Current international green bond issuers include the World Bank, International Finance Corporation, European Bank for Reconstruction and Development, European Investment Bank, and State of Massachusetts. -- In January 2014, a consortium of internationally recognized global banks outlined principles for green bonds. The North Island Hospitals Project green bond conforms to all the green bond principles outlined in the document, which is available here: http://www.ceres.org/resources/reports/green-bond-principles-2014- voluntary-process-guidelines-for-issuing-green-bonds/view.
Green bonds in Canada:
-- The North Island Hospitals Project green bond will be the first green bond for a public- private partnership project in North America and the first green bond for public infrastructure in Canada. -- The green bond market is in the early stages of development in Canada. -- Export Development Canada issued Canada's first USD green bond in January 2014, while TD Bank issued the first CAD green bond from a bank in March 2014. -- The Province of Ontario plans to launch a multi-year green bond program this year. Some private-sector renewable energy projects in Ontario and Quebec have been funded by green bonds.
Connect with the Province of B.C. at: www.gov.bc.ca/connect
Ministry of Finance
Media Relations Manager
Ministry of Health
250 952-1887 (media line)
Tandem Health Partners
Chief Advisor, Public Affairs
National Bank of Canada
Since 2008 and for the first time in history, more than half of humans live in urban areas, urging cities to become “smart.” Today, cities can leverage the wide availability of smartphones combined with new technologies such as Beacons or NFC to connect their urban furniture and environment to create citizen-first services that improve transportation, way-finding and information delivery. In her session at @ThingsExpo, Laetitia Gazel-Anthoine, CEO of Connecthings, will focus on successful use c...
May. 23, 2015 08:00 AM EDT Reads: 4,682
The Internet of Things promises to transform businesses (and lives), but navigating the business and technical path to success can be difficult to understand. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, demonstrated how to approach creating broadly successful connected customer solutions using real world business transformation studies including New England BioLabs and more.
May. 23, 2015 08:00 AM EDT Reads: 5,735
Operational Hadoop and the Lambda Architecture for Streaming Data Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing...
May. 23, 2015 07:00 AM EDT Reads: 4,527
In their general session at 16th Cloud Expo, Michael Piccininni, Global Account Manager – Cloud SP at EMC Corporation, and Mike Dietze, Regional Director at Windstream Hosted Solutions, will review next generation cloud services, including the Windstream-EMC Tier Storage solutions, and discuss how to increase efficiencies, improve service delivery and enhance corporate cloud solution development. Speaker Bios Michael Piccininni is Global Account Manager – Cloud SP at EMC Corporation. He has b...
May. 23, 2015 07:00 AM EDT Reads: 770
There are 182 billion emails sent every day, generating a lot of data about how recipients and ISPs respond. Many marketers take a more-is-better approach to stats, preferring to have the ability to slice and dice their email lists based numerous arbitrary stats. However, fundamentally what really matters is whether or not sending an email to a particular recipient will generate value. Data Scientists can design high-level insights such as engagement prediction models and content clusters that a...
May. 23, 2015 07:00 AM EDT Reads: 5,048
Big Data is amazing, it's life changing and yes it is changing how we see our world. Big Data, however, can sometimes be too big. Organizations that are not amassing massive amounts of information and feeding into their decision buckets, smaller data that feeds in from customer buying patterns, buying decisions and buying influences can be more useful when used in the right way. In their session at Big Data Expo, Ermanno Bonifazi, CEO & Founder of Solgenia, and Ian Khan, Global Strategic Positi...
May. 23, 2015 06:30 AM EDT Reads: 2,244
"We have developers who are really passionate about getting their code out to customers, no matter what, in the shortest possible time. Operations are very focused on procedures and policies," explained Stan Klimoff, CTO of Qubell, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
May. 23, 2015 06:00 AM EDT Reads: 4,692
Sensor-enabled things are becoming more commonplace, precursors to a larger and more complex framework that most consider the ultimate promise of the IoT: things connecting, interacting, sharing, storing, and over time perhaps learning and predicting based on habits, behaviors, location, preferences, purchases and more. In his session at @ThingsExpo, Tom Wesselman, Director of Communications Ecosystem Architecture at Plantronics, will examine the still nascent IoT as it is coalescing, includin...
May. 23, 2015 06:00 AM EDT Reads: 4,133
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developmen...
May. 23, 2015 06:00 AM EDT Reads: 2,037
It's time to face reality: "Americans are from Mars, Europeans are from Venus," and in today's increasingly connected world, understanding "inter-planetary" alignments and deviations is mission-critical for cloud. In her session at 15th Cloud Expo, Evelyn de Souza, Data Privacy and Compliance Strategy Leader at Cisco Systems, discussed cultural expectations of privacy based on new research across these elements
May. 23, 2015 06:00 AM EDT Reads: 3,251
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile ...
May. 23, 2015 06:00 AM EDT Reads: 5,284
One of the biggest impacts of the Internet of Things is and will continue to be on data; specifically data volume, management and usage. Companies are scrambling to adapt to this new and unpredictable data reality with legacy infrastructure that cannot handle the speed and volume of data. In his session at @ThingsExpo, Don DeLoach, CEO and president of Infobright, will discuss how companies need to rethink their data infrastructure to participate in the IoT, including: Data storage: Understand...
May. 23, 2015 06:00 AM EDT Reads: 4,240
Agility is top of mind for Cloud/Service providers and Enterprises alike. Policy Driven Data Center provides a policy model for application deployment by decoupling application needs from the underlying infrastructure primitives. In his session at 15th Cloud Expo, David Klebanov, a Technical Solutions Architect with Cisco Systems, discussed how it differentiates from the software-defined top-down control by offering a declarative approach to allow faster and simpler application deployment. Davi...
May. 23, 2015 05:45 AM EDT Reads: 5,793
Sematext is a globally distributed organization that builds innovative Cloud and On Premises solutions for performance monitoring, alerting and anomaly detection (SPM), log management and analytics (Logsene), and search analytics (SSA). We also provide Search and Big Data consulting services and offer 24/7 production support for Solr and Elasticsearch.
May. 23, 2015 05:30 AM EDT Reads: 2,791
Plutora provides enterprise release management and test environment SaaS solutions to clients in North America, Europe and Asia Pacific. Leading companies across a variety of industries, including financial services, telecommunications, retail, pharmaceutical and media, rely on Plutora's SaaS solutions to orchestrate releases and environments faster and with integrity. Products include Plutora Release Manager, Plutora Test Environment Manager and Plutora Deployment Manager.
May. 23, 2015 05:15 AM EDT Reads: 2,797