The European-based technology group for construction services, Strabag SE, has been awarded the distinction of European PPP Deal of the Year by industry journal Project Finance International (PFI) for the financing of the construction of the Irish N17/N18 motorway between Gort and Tuam. PFI praised the Strabag-led consortium DirectRoute for securing long-term debt from international commercial lenders in the first Irish public-private partnership (PPP) since the Irish sovereign debt crisis.
Strabag as part of the DirectRoute consortium, will finance, plan, build and operate a 57 km long section of the Irish N17/N18 motorway between Gort and Tuam near Galway. The PPP project has a total investment volume of about € 330 million.
Since financial closing at the end of April 2014 construction has started and the motorway is to be opened to traffic in November 2017. This will mark the start of the 25-year operating period for this section, with Strabag’s share amounting to 50 % via its subsidiary A-Way Infrastructure Project Development and Operations GmbH.
This section of the N17/N18 motorway is not the first concession project for Strabag in Ireland: Together with the DirectRoute consortium, the company has already successfully realised the Limerick and Fermoy PPP projects.
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