CDPQ Infra, a subsidiary of the Caisse de depot et placement du Quebec, late last week unveiled plans for a 41-mile light-rail system to connect the Greater Montreal region with the city’s downtown and airport.
Known as the Reseau Electrique Metropolitain (REM), the system would have 24 stations and operate 20 hours a day, CDPQ Infra officials said in a press release.
The project is expected to cost $5.5 billion (in Canadian dollars), with the Caisse committing $3 billion. The proposed financial structure would also require investments from the governments of Quebec and Canada.
When completed, the REM would be the third largest automated transportation system in the world after Dubai and Vancouver.
“A network as significant as the one we are proposing could potentially add more than $3 billion to the Quebec GDP over four years. We also expect close to $5 billion in private real estate developments along the chosen route,” said Christian Dube, executive vice president for Quebec at the Caisse.
CDPQ Infra will consult with stakeholders in the coming weeks. Public information sessions also will be held in areas affected by the new network.
CDPQ Infra officials anticipate submitting the project to the environmental impact hearing process by summer’s end.
The Caisse de depot et placement du Quebec is an institutional investor that oversees public pension plans and insurance programs in the province.