The M11 Gorey – Enniscorthy PPP Project in Ireland reached financial close on October 14, 2015.
The €320 million design, build, finance, operate and maintenance project will see the greenfield construction of approximately 40km of new roads including 28km of standard motorway, 4km of dual carriage way, 8km of single carriageway and a 150m bridge over the River Slaney.
With the project expected to be operational in August 2019, sponsors BAM PPP and Iridium will maintain the project for 25 years as per the agreement with The National Roads Authority of Ireland, the procuring authority.
Funding for the project will be achieved through senior debt provided by Aviva Life, Nationale-Nederlanden Levensverzekering Maatschappij N.V, Babson Capital and the European Investment Bank.
On behalf of the lenders and the winning consortium, Operis was pleased to provide an audit of the financial model which included a full review of the model’s tax and accounting assumptions.