IJmuiden Sea Lock PPP

Overview:

• IJmuiden Sea Lock PPP.
• A consortium (OpenIJ), made up of BAM, Volker Wessels, DIF and PGGM is developing a new sea lock at IJmuiden, a port city in North Holland. 
• The concession runs for 26 years.
• The lock will be 70 metres wide, 500 metres long and 18 metres deep.
• This is a part of Rijkswaterstaat’s Locks Programme. Rijkswaterstaat is the agency in charge of infrastructure projects in the Netherlands.
• A group of lenders including The Bank of Tokyo-Mitsubishi UFJ, UniCredit, European Investment Bank (EIB), KfW IPEX Bank, DZ Bank, Rabobank and Sumitomo Mitsui Banking Corporation granted financing.
• The project reached financial close on October 20 2015.
• The EIB granted 33% of the senior debt financing.
• The Bank of Tokyo-Mitsubishi UFJ, DZ Bank, KfW IPEX Bank, Sumitomo Mitsui Banking Corporation and UniCredit granted a long term facility and a bridge facility.
• Rabobank granted an equity bridge facility. 
• PwC advised Rijkswaterstaat.

Rani Mehta - Journalist