Financing infrastructure upgrades with flexibility
LOCATION
Wetaskiwin, AB
SERVICES
Project development
Financial advisory services
Construction
Long-term financial management
DATES
2020–2022
(development)
2022–2024
(construction)
CONSTRUCTION COST
$55 million
WATER AND WASTEWATER
Meeting an urgent need for infrastructure
Canadian municipalities face significant obstacles in acquiring financing to do the job quickly and efficiently.
Through cost-efficient financing, we secured $42 million to allow urgently required wastewater treatment upgrades to proceed.
The City of Wetaskiwin needed to bring their wastewater treatment plant, originally built in the 1970s, in line with current standards. The project involved upgrading existing lagoon-based treatment systems and adding a post-lagoon treatment system with MBBR nitrification and denitrification, as well as tertiary filtration and disinfection.
Funding a $55 million project
The City of Wetaskiwin secured nearly $13 million from an Alberta Provincial Grant but still needed another $42 million. They partnered with Graham Capital to advance the project using Early Contractor Involvement. This approach included progressing the design with Associated Engineering, estimating the construction costs, and securing the financing to begin construction. Financing was secured through our Municipal Asset Partnership (MAP™) in Spring 2022, and construction began. The facility is scheduled to be fully operational by Fall 2024.
MAP™ is an innovative framework customized for each project. It preserves municipal borrowing limits and minimizes impacts on ratepayers. It also allows the municipality to retain control of their facility and the revenue it generates—a high priority for the City of Wetaskiwin.
MBBR and Tertiary Treatment Building (2024).
As construction progressed, we embraced opportunities to participate in community events and answer questions about the project and its progress. We’ve contributed to and participated in planting trees with the staff and kids from Sacred Heart School and attended the City of Wetaskiwin’s 2022 and 2023 open houses.
Community engagement
Green Bonds
Our use of Green Bonds to finance the project clearly indicates to the public that the project will have demonstrable positive impacts on the local environment. The Green Bond designation is only achieved when projects meet stringent evaluation criteria, maintain robust reporting practices, and demonstrate the achievement of defined environmental objectives.
WHAT THEY’RE SAYING
“With regulatory requirements around wastewater treatment facilities becoming more stringent, we had to be innovative to cover the cost of the mandated wastewater treatment plant upgrade with the grant funding we had available. Graham’s new approach allowed us to secure all the financing we needed while ensuring financial flexibility remained for other municipal priorities. Additionally, we have an active role in the entire process as an equal partner.”
— Sue Howard, City Manager, City of Wetaskiwin
Let’s talk about
your project
Every project is different. We’ll help you find a tailored solution that ensures a reliable outcome. Contact us to find out how we can support you.