BANFF, Alberta — The company seeking to build a rail connection between Calgary International Airport and Banff National Park now says the project will cost C$1.5 billion, and is seeking financial contributions from the province of Alberta.
But the CBC reports Alberta Premier Jason Kenney says that while he believes the project has merit, the government is not yet ready to provide funding.
Liricon Capital Ltd., which owns Banff’s Mount Norquay ski resort and holds a long-term lease on Banff’s train station, has a memorandum of understanding with Canadian Pacific for the project, which would require double tracking of CP’s main line from Calgary through the Rockies. The Canada Infrastructure Bank has indicated interest in the project, which previously was estimated to cost C$1 billion [see “Canada Infrastructure Bank could provide major funding …,” Trains News Wire, July 15, 2021]. Liricon is seeking a commitment of $30 million annually from the province.
In a Wednesday press release, Liricon said it and financial partner Plenary Americas — part of Quebec pension fund Caisse de dépôt et placement du Québec, which is also involved in Montreal’s REM light rail project — had submitted a proposal to the province’s ministry of transportation, Invest Alberta Corp, and the Canada Infrastructure Bank that seeks to make the project a public-private partnership, and would advance the project to the design phase.
Kenney, on Wednesday, said the province is “not at any point ready to commit money on this,” but is closely studying the proposal.
The proposed service would operate trains every 15 minutes between the airport and downtown Calgary, with trips between downtown and Banff every two hours. Liricon says the goal is to have hydrogen-powered trainsets, although it might initially use diesel power. Supporters say the project would address heavy highway traffic between Calgary and the national park, boost tourism, and reduce carbon emissions.
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