Green bond issued to finance new patient care tower in Penticton

A green bond has been issued to finance the Penticton Regional Hospital’s new patient care tower and parkade.

This bond is one of only two issuances to date for B.C. public-private partnership projects. This issuance builds on the success of the North Island Hospitals Project in 2014, which was the first time a green bond-funded a public-private partnership in North America and the first time a green bond-financed public infrastructure in Canada. Green bonds are similar to traditional bonds, but the proceeds are used exclusively for projects with environmental benefits.

This 32.2-year bond was issued by EllisDon Infrastructure and raised approximately $130 million toward construction of the new tower. Based on the EllisDon bid, the capital budget for the project is now $312.5 million. The Okanagan-Similkameen Regional Hospital District is providing $117 million, the South Okanagan Similkameen Medical Foundation is contributing $20 million, Interior Health is providing $14.4 million and the provincial portion is $161.1 million.

The new patient-care tower will be engineered to Leadership in Energy and Environmental Design (LEED) Gold certification standards, featuring wood finishes in support of the Province's Wood First Initiative. EllisDon Infrastructure was selected by Interior Health as the preferred proponent for the partnership. EllisDon Infrastructure began site work in May, with major construction on the tower expected to begin in August 2016. The tower is scheduled to open for patients in spring 2019.

The new patient-care tower will include, a surgical services suite with five operating rooms and six minor procedure rooms, 84 new single inpatient rooms for a total of 155 inpatient beds, a net increase of 15 beds from the current level. A new ambulatory care centre featuring outpatient services like cardiology, neurology, orthopaedics, maternal-child clinics, respiratory, pre-surgical screening, satellite medical imaging and a laboratory for specimen collections.