The N25 New Ross Bypass PPP project in Ireland successfully reached financial close on January 26, 2016.
The €160 million project will see the construction of approximately 14km of dual carriageway which will provide a bypass of New Ross town on the N25 and N30. The road will help ease congestion in the area where currently significant delays presently occur.
With the project expected to be operational from February 2019, the project sponsors BAM PPP and Iridium will maintain the project for 25 years as per the agreement with the procuring authority, the National Roads Authority of Ireland.
Funding for the project will be achieved through bond issuance by Allianz Global Investors, with credit enhancement provided by the European Investment Bank.
On behalf of the lenders and the winning consortium comprising BAM PPP and Iridium, Operis was pleased to undertake an audit of the financial model, which included a full review of the model’s tax and accounting assumptions.