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Federal and local political leaders officially opened British Columbia's newest highway, the South Fraser Perimeter Road on 21 December 2013
The South Fraser Perimeter Road project was awarded to Fraser Transportation Group on 10 May 2010. Members of the Fraser Transportation Group include:
On July 14th 2010, the Province entered into a performance-based, fixed price concession agreement with Fraser Transportation Group Partnership (FTG) to design, build, finance and operate the road for a term that spans the construction period, plus a 20-year operating period. The capital costs associated with the DBFO portion of the project is CA$666 million.The project included a funding contribution of $365 million from the Government of Canada.
The financial closure took place on the 1st of August with six banks, Santander, Société Générale, Unicredit, ING, Crédit Agricole and Caixanova. The total amount of contributed private funds was CA$200 million, including a debt period of twenty years and capital contributions for the shareholders of some CA$31 million. The rest of the project funds will come from payments from federal and provincial governments.
The four-year design and construction process included a new 34 kilometer, four-lane highway on the south side of the Fraser River. With connections to Highway 99, Highway 91, the Trans-Canada Highway, the Pattullo Bridge and the Golden Ears Bridge. It's expected to remove heavy truck traffic from local roads, reduce travel times through the region, and improve access to major trade gateways and industrial areas.
The South Fraser motorway is a key element in the Province of British Columbia 'Gateway Program', which improves highways and bridges throughout the Vancouver metropolitan area.