CaDCR staff writer
The U.S. Virgin Islands Port Authority has selected a private-public partnership led by Toronto-based Aecon Group Inc. to redevelop the Cyril E. King Airport in St. Thomas and the Henry E. Rohlsen Airport in St. Croix.
The authority selected VIports Partners through a collaborative Design, Build, Finance, Operate and Maintain (DBFOM) model.
The public-private partnership will see Aecon Concessions, a joint venture between Aecal, Tikehau Star Infra, Consigli Benton Joint Venture (J. Benton Construction) and Avports, holding a 50% equity interest in the 40-year concession.
Tikehau Star Infra and J. Benton Construction will also share a 50% stake in the joint venture. Aecon will have a 50% interest in the design-build joint venture. Avports will serve as the operations and maintenance partner.
The selection marks the beginning of a transition phase agreement that will see VIports and the Port Authority negotiate and finalize various elements of the project over the next nine months. The financial close is expected in the first quarter of 2025.
“We are pleased to be selected for this transformational project, bringing our experience delivering airports globally and our team’s comprehensive expertise to the full project lifecycle,” Jean-Louis Servranckx, Aecon Group Inc.’s president and Chief Executive Officer, said in a March 26 statement.
“As we continue to pursue select international projects, this project aligns perfectly with Aecon’s purpose – building what matters to enable future generations to thrive,” he said.
