John Laing Group has announced the successful refinancing of the CBD and South East Light Rail (Sydney Light Rail) project in Sydney, New South Wales.

The existing debt facilities were refinanced with a 12-year, close to AUD700 million (US$526.45 million) Green Loan with Climate Bond Initiative certification. The Sydney Light Rail project meets the Climate Bonds Standard low carbon transportation criteria and will help to avoid greenhouse gas emissions from alternative modes of transport. It is estimated that Sydney Light Rail will improve the environment by reducing greenhouse gas emissions by 663,000 tonnes over a 30-year period.

The Sydney Light Rail project comprised the design, construction and financing of the light rail network, and its operation and maintenance until 2036. This includes the new 12-kilometer dual-track CBD and South East Light Rail line and connects with the Inner West Light Rail, an existing 13-kilometer line. Now fully operational, it is a vital component of Sydney’s public transport system, helping to ease traffic congestion, improve sustainability outcomes by reducing vehicle emissions, creating jobs and supporting economic activity.

The project is being delivered by the ALTRAC Light Rail Partnership (ALTRAC) together with Transport for New South Wales and partners Acciona, Alstom and Transdev. John Laing is a 32.5% shareholder in ALTRAC, along with co-investors Aware Super, and Acciona.