Project Name: Réseau express métropolitain (REM)
Partner: CDPQ Infra, Province of Quebec
Location: Montreal, Quebec
Investment: $1.28 billion (15-year senior secured loan)
The $6.3 billion Réseau express métropolitain (REM) project involves construction of a new automated light-rail network serving the greater Montréal area. It will include 26 stations and span 67 km of tracks, almost doubling the current metro network, which is 71 km long.
The REM is the largest public transit project undertaken in Québec in the last fifty years. The network will be gradually put into service in 2022-2023.
The Canada Infrastructure Bank’s investment commitment includes the following elements:
- Interest rate on the loan starting at 1%, escalating to 3% over the 15-year term
- The loan commitment bridged the construction and ramp-up risks
This investment supports sustainable development and reduced greenhouse gas emissions:
- Once in service, REM will contribute to decreasing 680,000 tonnes of greenhouse gases (GHGs) though twenty-five years of operation.
- Adjustments were made to the route to minimize environmental impact.
- An agricultural land trust will be created bordering the Rive-Sud Terminal station to protect agricultural land and limit urban sprawl.
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