Operis recently provided a model audit of Direct Route’s operating model for the Limerick Tunnel PPP project, in Ireland, which reached financial close in August 2006 and opened to motorists in July 2010.

The €660 million tunnel is the Limerick city bypass connecting the N7 to the N1 and is capable of handling up to 40,000 vehicles per day.  The aim of the project is to remove vehicles from the city centre to reduce traffic congestion, improve air quality, lower CO2 emissions and allow for further pedestrianisation of the city centre as well as bus corridors.

Direct Route is a consortium of Irish companies made up of Allied Irish Banks Limited, John Sisk & Son Holdings, Lagan Holdings, Meridiam Infrastructure Finance, Roadbridge Limited and Strabag AG.

The model audit and the tax & accounting review were performed for the benefit of Direct Route and the project lenders.

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