Laurentian Energy announced a partnership with a Paris-based transportation infrastructure equity fund yesterday to develop a $200-million container terminal at the ports of Sydney.
The manufacturing and commercial property management group will now work with Galaxy SARL to design and construct the terminal, which would be constructed on the west side of the harbour’s south arm at Sydport, and select an operator.
“This is my job, this is what we do, we invest in infrastructure projects worldwide,” said Corinne Namblard, Galaxy fund founder and CEO. “We will raise ourselves the funding and we will commit the necessary level of equity.”
Ports should be seen as a piece of a supply chain, she said, and Galaxy works with others interested in becoming partners in that supply chain. She noted her firm funds projects into the billion-dollar range, and called the Sydney project well within its scope.
In looking to develop the terminal, Laurentian knew that at some point it would need a partner that would bring more than money and understand how to operate in this community, CEO Jim Wooder said.
“Galaxy brings to us absolutely everything that is required to take this project from this point forward to fruition,” he said.
While a $200-million price tag has been attached to the project, Wooder said they believe it could actually be built for less than that.
In operation, the terminal is estimated to create about 1,200-1,500 direct jobs and a total of up to 3,500 positions once indirect and induced jobs are considered.
The terminal would be expected to begin operation in the second half of 2010.
