FC for Silvertown Tunnel

The Silvertown Tunnel project has reached financial close.

Transport for London (TfL) and the RiverLinx consortium, consisting of Macquarie Capital, Cintra, Aberdeen Standard Investments, BAM PPP PGGM and SK E&C, have reached financial close for the Silvertown Tunnel.

TfL had suspended procurement in August after the Silver Thames Connect team challenged its decision to award the contract to RiverLinx.

The following 15 organisations are providing financing for the project: Aviva, Credit Agricole, DZ Bank, Instituto de Credito Oficial, Korea Development Bank, KEB Hana, Export-Import Bank of Korea, Korea Trade Insurance Corporation, KfW IPEX-Bank, Norinchunkin, Royal Bank of Canada, Samsung Life, Shinsei Bank, SMBC and Woori Bank.

The RiverLinx consortium will now be able to design, build, finance, operate and maintain the tunnel, while the construction team of BAM Nuttall, sister company Wayss & Freytag Ingenieurbau, Ferrovial Agroman and SK E&C will appoint local sub-contractors and suppliers.

The team will deliver a GBP1bn new twin-bore road tunnel under the Thames in east London linking the Greenwich Peninsula and Silvertown.

The project will open in 2025.

Ashurst advised TfL.