Isle of Wight Highways PFI signs

27 September 2012 The £325m Isle of Wight Highways PFI has reached financial close.
The council and the Vinci Ringway consortium have signed the deal, which will see the island’s roads upgraded and maintained over the next 25 years.

Vinci and partner Meridiam raised £145m to provide upfront investment in the scheme, which will see the contractor start work on site in April next year.

The funding comprises £17m in equity from the consortium members, plus a £95m bank loan and a £30m subsidy from the concession guarantor. Debt will be provided by BTMU, DZ, KfW and SMBC.

Vinci was only announced as the preferred bidder in May this year, taking just four months to raise the funds to reach financial close. The firm beat off competition from a Colas-led consortium.

The contractor also reached financial close on the Hounslow Highways PFI deal in August this year. 

This page was last updated on:
23 January 2018.

thumb

The siren call of ‘bring-backery’

There is a pernicious and increasing trend towards a belief that things were ‘better in the past’. This must be combatted if real progress can be achieved

thumb

‘A Great Journey’

Phillip Hall, MUFG’s head of structured finance for EMEA, tells Paul Jarvis how the bank is evolving to thrive in the changing PPP world

register

Register now to get un-restricted access to all sections of the website.

Want to see more first? Try our free preview...