MetLife Investment Management (MIM) has provided $197.8 million in financing to support the public-private partnership (P3) portion of the first P3 flood-management project in North America, the FM Area Diversion project.
MIM said Fargo, N.D., Moorhead, Minn., and surrounding areas have historically been prone to frequent and severe flooding from the Red River that cannot be mitigated solely by levees and floodwalls. The diversion project involves the construction of a 30-mile channel and other infrastructure that will direct water around the Fargo-Moorhead metropolitan area during flooding.
“We’re proud to provide value through a creative private placement financing that will benefit the residents of the Fargo-Moorhead metro area,” said John Tanyeri, head of infrastructure and project finance at MIM. “We’re committed to investing in green infrastructure that aligns with the climate adaptation and mitigation goals of our communities, and it’s promising to s