AVAIO Capital has agreed to form a joint venture with Sydney Harbour Investment Partners, a company planning to build a major container port in Sydney, Nova Scotia.
Formerly the private infrastructure investment arm of the design and engineering firm AECOM, AVAIO was spun off as an independent business in January.
The proposed 500-acre Novaporte Mega-Terminal would be a multipurpose terminal, able to handle 3.2 million TEUs as well as roll-on, roll-off cargo. The developers said it would be designed to handle containerships with more than 18,000-TEU capacity and have an adjacent logistics park.
“We are excited to partner with SHIP on the development of Novaporte,” said Mark McComiskey, a partner at AVAIO Capital. “Of all the port opportunities in the region, Novaporte is the best positioned due to its ice-free harbor, close proximity to an existing railroad and strong support from local government and stakeholders.”
Albert Barbusci, the chief executive officer of Novaporte, said, “AVAIO Capital’s financial and development investment expertise materially strengthens the Novaporte project’s position and will enable us to advance the preconstruction activities required to put the port into construction. This is a significant milestone that enhances our ability to make the development viable for all parties involved.”
The promoters of the terminals in Melford and Sydney have both said their locations would be ideal for handling cargo from jumbo containerships.