SUSTAINABLE MOBILITY AND MORE - Meridiam
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C A S E S T U D Y
TRAMS:
S U S TA I N A B L E M O B I L I T Y A N D M O R E
TOTAL LENGTH OF TRAM LINES IN OUR PORTFOLIO: 96 KM, 4 PROJECTS
MAIN BENEFITS OF TRAMS: HIGH QUALITY URBAN TRANSPORTATION + CATALYSTS FOR SUSTAINABLE CITY DEVELOPMENT
TRAMS – MAKING CITIES MORE SUSTAINABLE AND RESILIENT
Tram systems are offering many other places in-between. Sports In Maryland, close to Washington
and entertainment venues, retail sites, DC, the first phased opening of the
cities a form of public universities and major employers are Purple Line is not due until the end
transport that is highly all benefitting from the connectivity of 2022, with the LRT Line expected
provided by having a tram stop on to be fully operational in 2023, but
sustainable, in terms of their doorstep. already, at least 31 separate residential
mobility and a lot more. and commercial developments are
Meridiam is a principal shareholder planned or under construction along
Light Rail Transit networks and asset manager of four major LRT the 25km route.
systems, in Italy, the UK, Canada and
are more environmentally
the US. All have been built or extended “Any area with an LRT or Metro rail
friendly and healthier for city through Public Private Partnerships system will prosper and we are already
with municipal or regional authorities. seeing a lot of evidence of this along
populations, while aiding the Purple Line route, especially
municipal authorities’ plans Environmental credentials typical of near the stations. We expect to
these projects are evident in Florence. see considerable social benefit to
for sustainable, high-density The city’s Tramvia system has been come from the greater connections
urban growth. expanded to three lines through a to employment and education after
recently completed PPP project, in about five years,” says the Chief
coordination with the city authority’s Technical Officer for the Purple Line
exclusion of private cars and buses project, Sami Soufi.
Populations in the world’s cities are from the city centre from 7:30am
increasing rapidly and as urbanisation until 8pm (and also from 11pm to 3am The Purple Line represents one part
grows, the importance of sustainable from April to October). of a wider transit network, connecting
means of mass transit is becoming with Maryland’s existing Red, Green
ever clearer. According to UN figures, In addition to freeing up space and and Orange Lines. The Maryland
the number of people living in urban improving safety for pedestrians and Transit Administration estimates the
areas rose from 751 million in 1950, to cyclists, the absence of thousands of new Line will result in about 17,000
4.2 billion in 2018 – 55% of the global cars and buses in the city centre has fewer private car journeys daily.
population. By 2050, the proportion brought a dramatic improvement in air
of city dwellers is expected to rise quality – cutting harmful emissions by The principal sustainability benefits
to 68%. half, according to figures reported by of LRT systems are clear: Mobility is
Italy’s environmental pressure group, greatly increased, with other positive
Light Rail Transit (LRT) or ‘tram’ Legambiente. impacts, environmentally and for
systems will provide the backbone promoting the healthier lifestyles that
of public transport in many places. Other cities with LRT networks may come with cycling and walking; and
Operational LRT networks are showing not be able to restrict private vehicle for urban regeneration. These are
a lot of success, with passenger use to the same extent, but numerous transformative effects, as commercial
numbers reflecting the popularity of different sustainability benefits are development and an uplift in city
modern tram transport: clean and emerging to a similar or greater degree streets go hand in hand as the new
quick and connecting suburbs and where trams are now running, or even tracks are laid.
residential areas with city centres and where new tracks are still being laid.
P.2
Nottingham, UK
Florence, Italy
In the UK, the Nottingham system, finding that the three- strategic integration with other
Express Transit (NET) LRT system year build phase of the PPP transport and development
has been recognised as adding project created around 4,500 plans across the city’, which is
considerably to the image of the years of employment and about likely to realise further economic
city. This was one key conclusion £217 million of local economic and social benefits in future, the
from a study of the impacts of activity, with a further 230 full- report says.
the extension of NET to three time jobs created in operation of
lines, carried out by a team of the NET trams. Tram networks offer the
researchers from The Economic additional transport capacity
Strategy Research Bureau (ESRB) Among a wide range of benefits, needed to provide sustainable
of Nottingham Trent University. the study pointed to NET’s mobility for expanding city
stimulus and extension of the populations. In Nottingham,
The ESRB study focused on wider labour market across the Waterloo and Florence, the 3
the economic effects resulting city region. The ESRB researchers networks already in operation,
from the construction and early found development of NET has the trams transport a total of 60
operation of the extended NET ‘demonstrated a good level of million passengers a year.
FLORENCE: PUBLIC VOTES FOR TRAMVIA
2
ALAMANNI PISACANE DALMAZIA
STAZIONE
PERETOLA GUIDONI NOVOLI NOVOLI NOVOLI SAN DONATO BUONSIGNORI PONTE ALL’ASSE REDI BELFIORE ROSSELLI UNITA’
VESPUCCI
AEROPORTO PALAZZI ROSSI TORRE DEGI AGLI REGIONE TOSCANA UNIVERSITA’ LICEO DA VINCI
VALFONDA FORTEZZA STROZZI STATUTO MURATORI LEOPOLDO MORGAGNI CAREGGI
FIERE E CONGRESSI FALLACI STAZIONE STATUTO UNIVERSITA’ OSPEDALE
LEONARDO
POGGETTO VITTORIO
VILLA DE ANDRE’ RESISTENZA ALDO MORO NENNI ARCIPRESSI FEDERIGA TALENTI BATONI SANSOVINO PAOLO UCCELLO CASCINE PORTA AL PRATO EMANUELE II
COSTANZA TORREGALLI LEOPOLDA
Florence, as one of Europe’s Florence has also rerouted its
most beautiful and culturally buses to serve the peripheral
significant cities, might be suburbs and to link with the
considered a very tough outer stations of the three lines
place to introduce a modern of Tramvia. Around 170 daily bus
tram system. Yet, in 2019, journeys have been removed
officials from the municipality from central Florence; and a
proudly picked up Italy’s dedicated Park & Ride facility
PIMBY – ‘Please in My Back connects Tuscany’s motorway
Yard’ – Green Award, largely network to Florence’s tram
due to the benefits brought system, meaning visitors and
about by the Florence tourists have a quick and easy
Tramvia system. transport link for reaching the
city centre. A Tramvia trip takes
The PIMBY Awards are 22 minutes from the P&R facility
presented by Italy’s environmental services at Villa Costanza to the Santa Maria Novella station
industry, as a counter-point to the pervasive NIMBY in the historic centre of Florence.
(not in my back yard) culture, which is widely
blamed for preventing progress of many municipal Tramvia has also brought a significant uplift in
improvement projects in Italy. the quality of Florence’s streets. The Municipality
of Florence used the Tramvia project as an
Tramvia had its doubters to begin with. A public opportunity for ‘requalifying’ the city’s central
referendum held in 2008 revealed 53% of voters areas for pedestrians(1), cyclists and Tramvia, with
rejected the originally proposed route due to fears improvements to street paving and furniture. Air
over its impact on the historical city centre, which quality has also improved dramatically and the
led to the ‘Variante Valfonda’ alterations – rerouting popularity of Tramvia appears to have answered the
some sections of track further away from heritage critics. 35 million of passengers were transported
sites. by Tramvia in 2019.
In October 2009 the full area surrounding the Duomo cathedral became entirely pedestrian
(1) P.3
Figures recorded from Meridiam’s The Waterloo Region’s long- planning without allowance
LRT projects also confirm the term growth strategy is focused for private car parking and LRT
overall popularity of tram on increasing urban density – connects people to places of
transport. “Passenger numbers on on ‘building up, rather than out’ employment, leisure and academia,”
Tramvia have so far performed in – with the Waterloo ION tram Michael says.
line with forecasts, amounting to system central to the plans for
around 36 million journeys per year providing the necessary urban For increased connection to
on the whole system,” says Simone mobility. Five principal objectives opportunity, ION will join up two
Gianassi, CFO for the Tramvia have been set for ION: Shape universities and retail sites in the City
project SPV, Tram di Firenze. our Community; Move people; of Waterloo, with the generally less
Protect our Countryside; Better the affluent, residential and traditionally
In the Region of Waterloo, in Environment; and Manage Urban industrial area of Kitchener. ION
Ontario, Canada, can be seen Growth. is intended as a springboard for
an LRT system equally favoured rejuvenating brownfield sites
by a growing population and “Essentially what this means is in urban areas, Michael says, and
designed to provide all of the same bring transformation to the Region there are signs that it’s happening
benefits of sustainable mobility of Waterloo in a way that increases already, with high-rise and mixed-
and development, with the added development in its cities and use developments coming out of
explicit target of encouraging prevents further urban sprawl the ground.
urban living. in greenfield areas,” says Michael
O’Neill, General Manager for the According to figures from the
The Municipal Region of Waterloo ION project SPV, Grand Linq. Waterloo Region, $3.2 billion has been
is a conurbation incorporating the invested in new development along
three cities of Kitchener, Cambridge “The Waterloo Region has seen the ION route since 2011; and 51% of
and Waterloo, plus a number of a lot of greenfield urban sprawl in all private and commercial building is
other smaller towns. Its population the past, partly because it can be now within existing urban areas.
is around 550,000 and growing difficult to rejuvenate urban areas “From a developer’s point of view,
– expected to reach 742,000 by without incentive for high density LRT is better than conventional bus
2031. The Region is not all built-up, development. LRT transport transport, because the tram tracks
however. makes it all work, because it allows are fixed,” he says. “There is very
N O T T I N G H A M – T O P F O R C U S T O M E R S A T I S FA C T I O N
Nottingham’s NET has become a popular and vital part of the city’s
transport network. The tram system now connects with many of
Nottingham’s main entertainment and employment sites, including the
Queens Medical Centre, the NG2 business park, Nottingham University
and both the City and Clifton campuses of Nottingham Trent University,
as well as both of Nottingham’s football clubs and the Trent Bridge
cricket ground.
NET has forged partnerships with all of these businesses, plus
numerous theatres, restaurants and other entertainment venues, to
provide ticket offers and additional tram services at times of special
events. Vital additional tram services operate during the first week
of every October, for instance, when half a million people attend
Nottingham’s annual Goose Fair.
NET has built a strong relationship in the community; supporting
numerous local charity groups, including the annual Nurse and Midwife
of the Year Awards and the Nottingham Hero Awards. One NET tram is
named each year in honour of the Nottingham Nurse & Midwife of the
year for that year with the name remaining on the tram for a 12 month
period.
Passenger numbers continue to grow year on year. In 2018/19 NET
recorded a 6% increase on the previous year, to 18.8 million, according
to UK Government figures. The NET system came top in a survey of UK
transport providers, by the Institute of Customer Service towards the
end of 2019.
P.4
Waterloo, Canada
little risk of LRT routes changing, so Tramvia systems. In both cases, refining the financial model of the
there is security for investment and buses now serve wider areas Purple Line PPP (see box) and in
it shows a real commitment from outside core urban centres, with the case of Tramvia, Meridiam’s
the local authority. bus routes feeding into the LRT involvement proved crucial for
stations, so trams in Waterloo and completing the project.
“The whole area gets an uplift. Florence do not compete with bus
Streets are rebuilt, including utilities, transport. Simone Gianassi says: “Meridiam
telecommunications, paving and has a culture of great appetite for
street furniture from building line In all four Meridiam LRT projects, managing assets through long-
to building line. And the area gets a the new LRT systems are key term projects and SPVs. There was a
frequent, high quality service. People parts of wider sustainable delay to completion of the Tramvia
like it. The Kitchener-Waterloo service transport strategies. All being extension due to a dispute between
is running every 10 minutes and will developed through PPP financial the grantor and main contractor
increase to eight minute intervals in arrangements, they also serve to part way through the construction
2020.” demonstrate how the private sector programme, but Meridiam stepped
can help to make such major long- in to find a solution, helping
Re-routeing of bus services is a term projects work. Meridiam was to fund compensation for the
notable feature of the ION and instrumental in formulating and contractor and to mediate in a
WA T E R L O O : F O C U S E D O N S U S TA I N A B L E U R B A N L I V I N G
Stage One of the ION light rail transit system opened in June 2019,
operating between terminals at the shopping centres of Waterloo’s
Conestoga Mall and the Fairview Park Mall in Kitchener and 17 other
tram stops in-between.
Key locations along the route include Waterloo University, Grand River
Hospital and the Waterloo-Kitchener Grand Central Station, which
provides a transit hub for the wider regional and national transport
network, connecting with mainline rail services.
ION is a crucial element of the Waterloo Region’s transportation and
development plans, which are focused on promoting sustainable urban
living across the three cities of Waterloo, Kitchener and Cambridge.
A Stage 2 of ION is planned, for connecting the City of Cambridge
with Kitchener. This will turn ION into a 36km transportation system,
operating in coordination with local bus services.
High passenger numbers have already been recorded. ION has brought
a 36% increase in public transport ‘boardings’, to more than 800,000
per month, according to figures reported by the Region in November
2019. Partnerships with local community groups are helping to promote
sustainable transport in parallel with other initiatives, including ION’s
sponsorship of the Kitchener Blues Festival (with ION promoted
as a ‘Safe Ride Home’ to discourage drink-driving) and the Keolis
Scholarship for Women in Electro-Mechanics at Conestoga College.
P.5
CLOSING ON
THE PURPLE LINE
When fully operational in 2023, the
Maryland Transit Administration’s
(MTA) new Purple Line will provide
a sustainable transport service
east-west across the northern
negotiated agreement that got meeting SDG 9 (for industry, suburbs of Washington D.C. The
the work finished.” innovation and infrastructure) and line will connect Bethesda in
The new Tramvia Line 3.1 opened SDGs 11 (sustainable cities and Montgomery County, with New
to passengers in July 2018, communities) and 12 (responsible Carrollton in Prince George’s
followed by Line 2 in February consumption and production). County 26km to the east, via 19
2019. Construction was not “Additionally, tram projects other Purple Line tram stops along
without some protest due to its promote good work conditions,
the route.
perceived impact, which resulted including equality, inclusiveness
in both new lines being re-routed and diversity. Through fare
away from sensitive heritage sites. concessions and good design
they improve access to transport
“Attitudes towards Tramvia have for all, including those with
changed now that it’s operational,” disabilities; and with good
Simone says. “Communities at practice, PPP concessions
the outer reaches of the new LRT promote efficient partnerships,
lines have seen an uplift to where so meeting SDGs 8, 11 and 17,”
they live. Many towns in other Ginette says.
areas now want the tram system The PPP behind it demonstrates
extended to reach them.” Nottingham Express Transit (NET)
Meridiam’s commitment and
has become an integral part of
capacity to successfully reach
There is further evidence of how the city community it serves. The
LRT systems can contribute to LRT system connects residential financial close. At the time, in
meeting the UN’s 17 Sustainable areas, including underprivileged 2016, the project had available an
Development Goals (SDGs). estates on the outskirts of the $875 million TIFIA loan and $313
Meridiam’s head of Environmental, city, with key sites including million in private activity bonds
Social and Governance (ESG), Nottingham’s main Queen’s (PAB), which with equity funding
Medical Centre hospital, the made up the $1.4 billion of private
city’s two universities and capital financed for the project.
several business parks, as
well as Nottingham’s central In a first for US ‘P3s’, the PABs
shopping areas.
were issued as Green Bonds – a
financing tool used for sustainable
Partnerships have been
forged between NET projects with a positive impact
and major entertainment on the environment. The bonds
venues, including the were supported by favourable
Theatre Royal, Nottingham investment grade ratings and sold
Forest and Notts County at competitively low interest rates,
Ginette Borduas, says: “LRT Football Clubs, to offer low-cost which generated savings for MTA.
projects contribute to building special fares. NET concessionary Meridiam, as 70% shareholder, acted
better cities; increasing tickets for students and families as consortium lead and worked
sustainable development based are also available at certain times with the lenders and design-build
on sustainable mobility and and for special events, all of
and O&M teams, to accommodate
responsible consumption of which can be accessed via a new
changes requested by the client
resources.” NET mobile app. Nottingham,
like other cities, is experiencing and to bring the project to financial
LRT transport can therefore be the benefits of having a modern, close within six months.
seen to go some way towards sustainable LRT system.
FEBRUARY 2020 - © SPVs
PARIS • NEW YORK • TORONTO • LUXEMBOURG • ISTANBUL • DAKAR • ADDIS ABABA • VIENNA • AMMAN
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