from http://www.projectfinancemagazine.com/default.asp?page=7&PubID=4&ISS=253...
From Project Finance Magazine
27 March 2009
Why BC's Port Mann flagship P3 failed to close
Last month, the Canadian province of British Columbia decided, after a protracted and closely-watched procurement process, to drop the use of a PPP concession for the Port Mann/Highway 1 project.
The province has salvaged the fixed-price engineering, procurement and construction (EPC) contract that came with the proposed P3 concession. But despite floating numerous tweaks, and offering to lend to the project itself, the province and sponsor Macquarie could not reach terms on a concession.