The consortium behind the renovation of the Montreal-area airport has boosted its financing efforts with a $90 million loan from the Canadian Infrastructure Bank.
The Crown corporation, which supports revenue-generating projects in the public interest, says it has reached an agreement with Porter Aviation Holdings Inc. and Macquarie Asset Management.
The owner of regional carrier Porter Airlines and a subsidiary of Australia’s largest investment bank are working with Montreal Metropolitan Airport to develop a new terminal that opened in August.
Formerly known as Montreal Saint-Hubert Airport, it is well on its way to growing from a small airport into a commercial aviation hub, comparable to Toronto’s Billy Bishop, but further from the city centre, in the suburbs south of Montreal.
The nine-gate terminal would handle up to four million passengers a year and provide another airport for fast-growing Porter in Canada’s second-largest city.
The expected completion date has been pushed back from late 2024 to fall 2025, with Porter planning to fly to major Canadian cities and local carrier Pascan Aviation focusing on regional flights.
– This report by The Canadian Press was first published on February 6, 2024.