Hounslow Highways reaches close
30 August 2012
Hounslow has reached financial close on its £120m highways maintenance PFI contract.
The council has signed the 25-year deal with contractor Vinci Concessions and Barclays Infrastructure Fund, together with Ringway Highway Services.Debt finance for the deal will be split between Bank of Tokyo-Mitsubishi and German banks DZ and KfW.
Jonathan Hart, a partner at the consortium’s legal adviser Pinsent Masons, used the opportunity to call on the government to end the uncertainty surrounding future PFI projects.
“Closing this project with the Vinci-BIF and Ringway teams is an important benchmark for the infrastructure market, having been achieved at a time of significant uncertainty in the PFI market pending the outcome of a government review into funding models,” he said.
“While this project has been relatively unaffected due to the pragmatism of all involved, it is essential that more certainty around PFI is created sooner rather than later.”
For more information on this project, click here.
