Commercial close reached for East-West Link PPP
The Government of Victoria (Australia) and the East West Connect consortium have signed the contract for the East West Link PPP project.
The project remains subject to financial close, which is expected to occur in October 2014.
The consortium was selected as the preferred bidder on 9 September. The team is composed by: Capella Capital, Lend Lease Engineering, Acciona Infrastructure Australia, Bouygues Travaux Publics, Lend Lease Services, Lend Lease Infrastructure Investments, and Bouygues Construction Australia.
The East West Link project is a 18-kilometre cross city connection north of the Melbourne central business district. The full East West Link will improve the connectivity between Melbourne's established east and rapidly growing west, joining the Eastern Freeway at Hoddle Street with the Western Ring Road in Sunshine West.
The project cost is estimated at A$6 billion (US$5.56 billion). The East West Link project will be delivered as an availability PPP with the state initially retaining tolling and traffic risk.
Construction of the project is expected to commence in late 2014 with expected completion in 2019-20.
Melbourne is the capital and most populous city in the state of Victoria, and the second most populous city in Australia. It is a leading financial centre in Australia, as well as the Asia-Pacific region.
Clayton Utz, PwC and GHD were the legal, financial and technical advisor to the client.
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