Premier Jason Kenney announced that the Canadian arm of French construction giant VINCI would be granted the contract to build the Springbank dry-reservoir (SR1).

The project, which aims to mitigate significant risks posed to Calgary from flooding, began construction in late March.

The entire project will cost an estimated $744 million, of which $576 million will be provided by the province. The province has allocated $473.6 million in the budget over the next three years for the SR1 project.

VINCI was awarded the contract for their $379 million bid. It was in line with the linear trend upwards for project construction costs identified by the province.

The Premier made the announcement at the confluence of the Bow River and Elbow River. He said that the 2013 flood was the costliest in Canadian history. Total damage was estimated to be in excess of $5 billion from the flood.

“We know that was a once in a century flood. But we must be prepared for the next major flood and to prevent damage of that scale,” he said.

“This is very good news for the city. I know that Calgarians, particularly in a flood zone, have been anxious and waiting for this project to get underway.”

During that flood, 125,000 people were evacuated from 30 communities provincially. More than 14,500 homes and 1,500 businesses were directly affected.

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