A consortium comprising 3i Infrastructure, Heijmans Capital and Fluor Infrastructure has reached financial close on the A27/A1 PPP motorway project in the Netherlands.
3i said it provided €6.5 million in equity for the €220 million project, with an equal amount provided by Fluor. Debt for the financial close was provided by a group of five banks comprising DZ Bank, ING Belgium, KBC Bank, Nederlandse Waterschapsbank and Sumitomo Mitsui Banking Corporation.
Heijmans Capital is a joint venture between 3i Infrastructure and Dutch construction firm Heijmans, in which the UK-listed firm holds an 80 percent stake. As a result, 3i’s total ownership of the consortium is 60 percent.
The financing comes a little over three months after the group’s special purpose vehicle 3Angle was awarded the project by Rijkswaterstaat, a division of the Dutch Ministry of Infrastructure and the Environment. 3Angle will be responsible for the design, construction, management and maintenance of the reconstruction of the A27 and A1 motorways.
The 3Angle consortium previously worked together on the €700 million Dutch A9 motorway, reaching financial close in July 2014, also alongside Dutch EPC company Ballast Nedam. In a statement, 3i said it is working to identify further investment opportunities for the trio. Construction on the two motorways is scheduled for completion by the end of 2018.