Rijkswaterstaat and the OpenIJ consortium have reached financial close on the €500m contract to design, construct, finance and maintain a new sea lock at Ijmuiden, with a debt package from seven international banks
The equity investors are Bam PPP PGGM Infrastructure Coöperatie, VolkerWessels and DIF Infrastructure III. The loan providers are DZ Bank, KfW, SMBC, MUFG, Unicredit with Rabobank providing an equity bridge facility. The European Investment Bank (EIB) will provide 33% of the debt or €165m.
OpenIJ was advised by RBC and Houthoff Buruma. JLT, Mazars, Herbert Smith Freehills, Linklaters and Mott MacDonald provided advice to the banks. PwC and Pels Rijcken & Drooglever Fortuijn advised Rijkswaterstaat.
The Province of North Holland, the City of Amsterdam, Port of Amsterdam and the Municipality of Velsen collaborated on the new large sea lock at Ijmuiden, which is co-funded by the EU’s TEN-T programme. The new lock will be maintained by OpenIJ for 26 years.
Construction by Bam and VolkerWessels will commence in early 2016 with the new lock available for shipping at the end of 2019. Dredging will be carried out by Van Oord and Boskalis.
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Meanwhile, a consortium led by Bam, VolkerWessels and DIF has submitted their financial bid for the Beatrix Lock PPP project in the north of the Netherlands. A Besix/Rebel Group team is also understood to be in the running for the contract. The EIB may provide up to 50% of the senior debt on that deal, with the remaining 50% by commercial funders. A preferred bidder decision is expected next month.
Besix and Rebel were awarded the Limmel Lock PPP in 2014, with KBC Bank and AG Insurance providing the debt.