BAM PPP reaches financial close on M7/M8 Portlaoise PPP project
Bunnik, 27 June 2007 - BAM PPP has reached financial close on the M7/M8 Portlaoise Motorway PPP project. BAM PPP is part of the Celtic Roads Group (CRG) Consortium including NTR plc and Iridium Concesiones de Infraestructuras S.A.
The scheme consists of the design, construction, financing, operation and maintenance (including tolling) of approximately 41 km of standard two-lane motorway, 3 km of single carriageway link roads, 15 km of side roads, three grade separated junctions and a motorway to motorway interchange. The new motorway will commence from the M7 Portlaoise By-pass and continue to beyond Borris in Ossory on the existing N7, and beyond Cullahill on the existing N8.
Construction will be undertaken by a 50:50 joint venture between Ascon Ltd and Dragados S.A. and is due to be complete by September of 2010. Construction value is approximately €300 million. The operation and maintenance concession is until 2037.
A mainline toll plaza will be located in the townland of Fatharnagh, close to the river Cappanacloghy, north of the motorway interchange. This toll plaza will consist of multiple lanes in each direction with varying combinations of manual payment, automatic coin payment and electronic toll collection (ETC) lanes being possible under different traffic loading conditions.
The debt funding has been provided by Bank of Ireland, ING Bank, Banque Société Générale and the European Investment Bank.
"As well as reducing travel time, these new motorways will contribute significantly to road safety", said Paud O'Sullivan, Projects Director, BAM PPP Ireland.