Financial close on GBP3.8bn super sewer project in the UK
Rubicon Capital Advisors has completed the GBP75 million (US$93.3 million) private placement financing for Thames Tideway Tunnel (Tideway) project in through its Bazalgette Tunnel Limited entity.
Tideway is London’s new super sewer tunnel. It is a new part of the sewer network which will carry sewage and storm water discharges from the broader London sewerage system. The tunnel will be approximately 25km long, 7.2m in diameter and will run up to 65 meters below the River Thames. Starting in West London, the main tunnel will follow the route of the Thames to connect with the existing Lee Tunnel, with sewage being transferred to the Beckton Sewage Treatment Works in East London.
Preparatory work on the project began in 2015 and work is now underway at each of our 24 sites in London. Work is anticipated to be completed in 2024.
The GBP75 million (US$93.3 million) fixed-rate green bond transaction, issued through the Green Bond Framework, was priced with a yield of 2.418% and with a maturity in September 2041. To help the funding timetable for the construction of the tunnel, the notes were structured with a delayed drawdown of funds for the first two years.
Rubicon acted as placement agent and there was a sole institutional debt investor for this transaction.
Country news
-
-
September 19, 2019
Industry day for multi-billion railway project in UK
High Speed Two (HS2) Ltd has announced that it will be hosting a pre-procurement industry day for GBP 3.5 billion (USD 4.3 billion) phase 2a of High Speed 2 rail project for works and design packages. The industry day will be held on 8th of October in Birmingham.
Read more -
September 17, 2019
Major mixed-use development opportunity in the UK
The University of Manchester has launched an international tender for the development of ID Manchester, a new mixed-use city center neighborhood in Manchester City Centre. The development will span 18 acres (7,3 hectares) and will be located to the south of the city adjacent to Piccadilly Railway Station, the University campus, Manchester University NHS Foundation Trust and the wider Oxford Road Corridor. The estimated value of the project is GBP 2 billion (USD 2.5 billion).
Read more -
September 11, 2019
Tender launched for major energy partnership in UK
The city of Bristol in the UK has launched a tender in search for a partner to deliver UK’s first carbon-neutral city. Bristol City Leap, a project to deliver a zero-carbon, smart energy city by 2030, has launched a global search to deliver up to GBP 1 billion (USD 1.23) of investment and provide significant economic benefits for the people of Bristol and its businesses. The total value of the project is estimated at GBP 12 billion (USD 14.84 billion).
Read more -
July 15, 2019
Tender for GBP1.5bn Education infrastructure PPP in Wales
Welsh Government (WG) in the UK is procuring a Private Sector Delivery Partner (PSDP) to form a joint venture company to deliver education infrastructure including schools and colleges plus any associated community facilities in Wales. The successful PSDP and a subsidiary of the Development Bank of Wales (WGCo) will be required to form a new Welsh Education Partnership Company (WEPCo) vehicle, which will deliver infrastructure services to WG, local authorities and further education institutions in Wales.
Read more -
July 11, 2019
Pre Tender Market Engagement for GBP3bn UK housing scheme
Ministry of Housing, Communities and Local Government (MHCLG) in the UK has issued a prior information notice (PIN) for the Pre Tender Market Engagement Exercise on a GBP 3 billion (USD 3.7 billion) Affordable Homes Guarantee Scheme 2020 which is aimed at helping to build around 30,000 affordable homes.
Read more
