Deal details
Rv.555 Sotra Connection PPP - ECA Backed Loan
Description
Sotra Link – a joint venture comprising Macquarie Capital (70%), SK ecoplant (20%) and Webuild (10%) – has reached financial close on the Sotra Connection toll road PPP project in Norway’s Vestland county. The project – also known as the Rv.555 Sotrasambandet Road Project – is the largest of the planned road PPPs in the Norwegian government’s 2018-2029 National Transport Plan2.Sotra Link was selected as preferred bidder for the construction-plus-25-year DBFOM concession last year by the Norwegian Public Roads Authority. The total PPP concession is valued at €2 billion, with just over €1 billion accounting for design and construction costs according to Webuild.The project is a 9.4 km four-lane road link, which will include a 900 metre suspension bridge and 12.5 km of primary and secondary tunnels, as well as road and pedestrian underpasses, tunnel portals, smaller bridges and viaducts, and pedestrian and bicycle paths. Design and construction will be executed by FCC Construccion (35%), Webuild (35%), and SK ecoplant (30%). Hungary based company Intertoll will operate the road via its Norwegian subsidiary Intertoll Norge, with operation due to commence in 2027.
Assets involved
Companies involved
- Foyen Torkildsen, Grette AS, Allen & Overy
- DZ Bank, KfW IPEX-Bank, Santander, CaixaBank
- Credit Agricole CIB, Santander, Korea Development Bank (KDB)
- Operis
- SK Ecoplant (SK E&C), Webuild Group (Salini Impregilo)
- CaixaBank, KfW IPEX-Bank, DZ Bank, Bank of China, Korea Development Bank (KDB)
- Intertoll
- Export Import Bank of Korea - KEXIM
- Export Import Bank of Korea - KEXIM, KSURE - Korea Trade Insurance Corporation
- Norwegian Public Roads Authority (NPRA)
- Clifford Chance, Schjødt
- Macquarie Capital , SK Ecoplant (SK E&C), Webuild Group (Salini Impregilo)
- PricewaterhouseCoopers ( PwC ), Macquarie Capital
- Herbert Smith Freehills, Wiersholm
Key information
Sotra Link
942$m
16-03-2022
Transport / Road
Norway
Project & Infrastructure Finance
PPP
Tranche information
KSure Covered
177$
ECA-backed buyer credit
177$m
Norwegian Krone - NOK
1,602,402,021
19.83 years
KSURE - Korea Trade Insurance Corporation
-
-
Participant | role | ticket size |
---|---|---|
Santander | MLA | 15$m |
KfW IPEX-Bank | Lender | 74$m |
DZ Bank | Lender | 49$m |
CaixaBank | Lender | 38$m |
Kexim Direct Loan
220$
ECA-Direct Loan
220$m
Norwegian Krone - NOK
1,989,248,862
19.83 years
-
-
-
Participant | role | ticket size |
---|---|---|
Export Import Bank of Korea - KEXIM | ECA direct lender | 220$m |
Commercial term facility
114$
Term Loan
114$m
Norwegian Krone - NOK
1,030,985,201
19.83 years
-
-
-
Participant | role | ticket size |
---|---|---|
DZ Bank | Lender | 28$m |
Credit Agricole CIB | MLA | 28$m |
Korea Development Bank (KDB) | Lender | 28$m |
CaixaBank | Lender | 28$m |
Commercial facility DSRF
5$
Term Loan
5$m
Norwegian Krone - NOK
48,997,644
19.83 years
-
-
-
Participant | role | ticket size |
---|---|---|
Bank of China | Lender | 0$m |
KfW IPEX-Bank | Lender | 0$m |
DZ Bank | Lender | 0$m |
Santander | MLA | 0$m |
Credit Agricole CIB | MLA | 0$m |
Korea Development Bank (KDB) | MLA | 0$m |
KSURE uncovered DSRF
8$
ECA-backed buyer credit
8$m
Norwegian Krone - NOK
75,329,810
19.83 years
Export Import Bank of Korea - KEXIM
-
-
Participant | role | ticket size |
---|---|---|
Santander | MLA | 1$m |
KfW IPEX-Bank | Lender | 1$m |
DZ Bank | Lender | 1$m |
Credit Agricole CIB | MLA | 1$m |
Bank of China | Lender | 1$m |
Korea Development Bank (KDB) | MLA | 1$m |
KEXIM facilities Covered Loan
78$
ECA-backed buyer credit
78$m
Norwegian Krone - NOK
709,258,970
19.83 years
Export Import Bank of Korea - KEXIM
-
-
Participant | role | ticket size |
---|---|---|
Santander | MLA | 13$m |
KfW IPEX-Bank | Lender | 13$m |
DZ Bank | Lender | 13$m |
Credit Agricole CIB | MLA | 13$m |
Bank of China | Lender | 13$m |
Korea Development Bank (KDB) | MLA | 13$m |
KEXIM uncovered DSRF
3$
ECA-backed buyer credit
3$m
Norwegian Krone - NOK
31,824,149
19.83 years
Export Import Bank of Korea - KEXIM
-
-
Participant | role | ticket size |
---|---|---|
Santander | MLA | 0$m |
KfW IPEX-Bank | Lender | 0$m |
DZ Bank | Lender | 0$m |
Credit Agricole CIB | MLA | 0$m |
Bank of China | Lender | 0$m |
Korea Development Bank (KDB) | MLA | 0$m |
KEXIM Covered Loan
75$
ECA-backed buyer credit
75$m
Norwegian Krone - NOK
677,434,821
19.83 years
Export Import Bank of Korea - KEXIM
-
-
Participant | role | ticket size |
---|---|---|
CaixaBank | Lender | 16$m |
Santander | MLA | 59$m |
Milestone Bridge
258$
Term Loan
258$m
Norwegian Krone - NOK
2,331,962,629
7.5 years
-
-
-
Participant | role | ticket size |
---|---|---|
Korea Development Bank (KDB) | MLA | 43$m |
Credit Agricole CIB | MLA | 43$m |
Santander | MLA | 43$m |
DZ Bank | Lender | 43$m |
KfW IPEX-Bank | Lender | 43$m |
Bank of China | Lender | 43$m |