3i Infrastructure has announced that it has committed to invest €6.5m in the A27/A1 primary Public Private Partnership project in the Netherlands. The company is investing as part of a consortium, 3Angle B.V. (3Angle), which also comprises Heijmans Capital (a joint venture between Heijmans and 3i Infrastructure) and Fluor Infrastructure. This investment is 3i Infrastructure’s third investment in Dutch roads. It follows earlier investments in the A9 and A12 projects, under the government’s procurement programme.
3i Infrastructure says that 3Angle has reached financial close for the A27/A1 primary PPP project between Utrecht North, Eemnes junction and the Bunschoten-Spakenburg interchange. Under this project, 3Angle is responsible for the financing, design, construction, management and maintenance of the reconstruction of the A27 motorway between Utrecht North and the Eemnes junction, as well as of the A1 motorway between the Eemnes junction and the Bunschoten-Spakenburg interchange. 3i Infrastructure says that the project’s contract value amounts to approximately €220m (including management and maintenance for a period of 25 years).
3i Infrastructure says that the required financing for the project has been secured and that the financing consists of both loan capital and equity. The loan capital is provided by DZ Bank AG, ING Belgium SA/NV, KBC Bank NV, Nederlandse Waterschapsbank N.V. and Sumitomo Mitsui Banking Corporation. The equity is contributed equally by the three 3Angle shareholders. As 3i Infrastructure holds an 80% equity interest in Heijmans Capital, this gives 3i Infrastructure an effective 60% interest in the project.
3i Infrastructure says that Rijkswaterstaat, the Directorate-General for Public Works and Water Management in the Netherlands, is undertaking this project to improve traffic circulation and safety on the A27 and A1 motorways, while respecting the surrounding environment. The project includes the widening of the A27 from 2×2 to 2×3 lanes, as well as the widening of the A1 from 2×2 to 2×4 lanes. 3Angle will also widen the A27-A1 connecting curve within the Eemnes junction. Construction is due for completion by the end of 2018 when the 25-year maintenance period will commence.
3i Infrastructure investing €6.5m in the A27/A1 motorway in the Netherlands : 3IN