Utility provider Hydro-Quebec will be the title sponsor for Formula E’s season-ending double-header in Montreal, according to the Montreal Gazette.
Hydro-Quebec, which manages electrical production, transmission and distribution in Quebec province, will reportedly pay CA$850,000 to serve as the main sponsor for the first Formula E race in the country, which will be held in downtown Montreal on 29 and 30 July 2017.
The Montreal Gazette newspaper has stated that Montreal itself will stump up CA$24 million to host the final round of the third season of the all-electric series, including the cost of repaving city streets that will be used to make up the circuit. This is quite some turnaround from the sport’s first season, when the series itself reputedly contributed to the cost of hosting each race and charged no race fees.
Montreal will pay at least $24 million to bring the Formula E all-electric car race to the city for the first time, Mayor Denis Coderre said Tuesday.
Coderre revealed the cost for the July 29-30 race at a news conference Tuesday, but pointed out the money will benefit the city for several years to come, since part of it will pay to repave city streets in the downtown core where the circuit will run.
“We can’t have the race on streets with potholes, and these streets would have to be redone anyway,” Coderre said.
The cost for infrastructure, including paying for barricades (instead of renting them for the season), will be about $14 million, Coderre said. The city is also providing a credit line of $10 million to the non-profit organization running the event.
Coderre would not say how much the city expects to collect from ticket sales and sponsorships. However, on Tuesday Hydro-Québec announced it will pay $850,000 to be the event’s main sponsor. Hydro-Québec will also outfit the race course with the electricity needed for teams to charge their cars.
Staff writer: Lewis Larkam