An organisation that celebrates public infrastructure innovation hailed the “new standards” set by Bermuda’s airport redevelopment project.

The Canadian Council for Public-Private Partnerships announced that the scheme was one of five winners in an annual awards programme.

It is only the second time that an international project has been listed in the 23-year history of the honours.

The CCPPP’s website said: “By using innovative thinking and Canadian P3 expertise, Bermuda was able to achieve what many small airports in the world have struggled to do – attract private sector investment to finance a major capital redevelopment.

“The $300-million project is the largest P3 infrastructure deal in Bermuda’s history.

“The bespoke government-to-government contract and guarantee mechanism, supported by an underlying P3 commercial and financing structure, enabled the new 288,000 square foot facility to meet the latest international standards while still dramatically lowering the project’s initial capital budget.

“In addition, the new terminal is infused with the latest technology.

“Built sustainably and factoring in the impacts of climate change, the terminal can now withstand wind speeds of 277 kilometres an hour – equivalent to a Category 5 hurricane.”

It added: “Playing a part in the revitalisation of Bermuda’s economy, nearly $400 million in private investment was mobilised, more than 400 Bermudian companies were engaged, and 885 Bermudians worked on the project.

“The awards committee recognised the success of the project, which not only sets new standards internationally for others to follow but showcases Canadian companies and Canadian innovation on the world stage.”

A Gold Award for Infrastructure – International will be awarded for the LF Wade International Airport Redevelopment Project as part of the CCPPP’s 2021 National Awards for Innovation and Excellence in Public-Private Partnerships.

The new terminal opened last December after more than two years of construction.

Work on the building – a public-private partnership between the Bermuda Government, the Canadian Commercial Corporation and developer Aecon – started in March 2017.

Steve Nackan, the president of Aecon Concessions, said: “I’d like to thank and congratulate the entire Aecon project team, Bermuda Skyport, the Canadian Commercial Corporation, the Government of Bermuda, Bermuda Airport Authority and all of our business partners that steered this project’s success.

“Built upon extraordinary local and international collaboration, the CCC and the Government of Bermuda successfully partnered with Aecon to develop this dynamic new, modern, state-of-the-art landmark showcasing the best of Bermuda to the world.”

Aaron Adderley, the Bermuda Skyport president, added: “We are excited once again, to have the LF Wade International Airport redevelopment recognised by those within the industry with expertise and knowledge to appreciate the challenges this P3 project successfully overcame.

“Small airports like ours are not often attractive options for private sector investors and our passenger traffic, which is the cornerstone for success of any large airport redevelopment project, has not always been robust.

“Faced with these realities, the ability to construct a successful P3 business model to develop a new passenger terminal for Bermuda was always going to be difficult.

“To have done that successfully is an accomplishment.

“The Bermuda model is an example that other airports, especially the smaller ones, are looking to follow and it is fantastic that it has been recognised with this industry gold award.”

CCPPP award winners also included a hospital in Ontario and a transport project in Alberta.

They will be honoured at a virtual event next Wednesday.

* For more information about the project, visit bermudaairport.com/newterminal/project-faq.