Project
The Rv3/Rv25 PPP Project consists of a 26-kilometre-long greenfield upgrade to the existing Rv3 and Rv25 roads, which follows a new alignment located close to the existing highway corridor. The site is approximately 150 km north of Oslo and provides a new route bypassing the built-up areas of Elverum and Løten.
The total value of the PPP Contract is approximately NOK 5.5 billion, of which approximately NOK 2.6 billion relates to the construction contract. Skanska Infrastructure Development and Skanska Norway’s Pension Fund are co-investors, and each will hold 50% of the shares in the PPP Company.
Operis role
Operis acted as the financial advisor to Skanska. The Consortium submitted its final bid in February 2018, was appointed as preferred bidder a month later and then quickly proceeded to financial close in May 2018. An independent Operis team also acted as the model auditor.
Senior Debt Funding
Operis ran an exhaustive funding competition on behalf of the Consortium to appoint a banking club to underwrite 100% of the senior debt requirement. Due to the structure of the deal, this was split between long and short term facilities. Operis worked with the selected lenders to achieve credit approval ahead of the final bid and delivered the financing to a tight timetable.
Equity Funding
100% of the equity funding was provided by companies within the Skanska group.
Progress
Skanska received the Gold Award for Best Transport Project for the Rv3/Rv25 Ommangsvollen project at the 2019 Partnerships Awards.
The road opened to traffic in late 2020, and the project has now entered a 20-year operational phase.
